Economic Growth Council Chairman (ECG) Michael Lee-Chin greets junior finance minister Fayval Williams while Galina Sotirova, World Bank country manager for Jamaica, looks on after the EGC presented its third report to the nation at Spanish Court Hotel in New Kingston last night. (Photo: Garfield Robinson)

The Economic Growth Council (EGC) said last night that the Urban Development Corporation (UDC) and Factories Corporation of Jamaica (FCJ) failed to fulfil their growth targets for the April-June quarter.

EGC Chairman Michael Lee-Chin said that both government bodies did not submit to Cabinet plans to divest up to 20 per cent of their assets by the May target date.

Lee-Chin noted, however, that the two public bodies, which fall under the Ministry of Economic Growth and Job Creation (MEGJC), were actively pursuing their growth measures.

“The MEGJC is finalising the submissions with respect to UDC’s assets, and FCJ’s board is working on the list of assets to be proposed for divestment,” he told a large crowd, including Jamaicans living abroad who attended the just-concluded Diaspora conference.

Lee-Chin was delivering the EGC’s third report to the nation at Spanish Court Hotel in New Kingston.

The EGC was established by Prime Minister Andrew Holness in 2016 to consult and advise on broad platform policies and reforms to address prospects for facilitating annual economic growth of five per cent by 2020.

Lee-Chin, a Jamaican billionaire with investments in Jamaica and Canada, has been chairing the 11-man committee since its inception.

http://www.jamaicaobserver.com/news/egc-report-knocks-delays-at-udc-and-fcj_106193