China’s Jiuquan Irons & Steel (Group) Company Limited (JISCO) is to commence a US$1-billion spend this week in Jamaica, based on new bilateral agreements with the Government, which the Administration believes should boost local economic growth and job creation.

Making the disclosure on Friday in an interview with the Jamaica Observer, Transport and Mining Minister Mike Henry noted that it is already a done deal.

“It’s ready now and they don’t need any more permission,” a very pleased Henry said, noting that final approval from the Chinese authorities was obtained during his September visit to Beijing with a team of local experts and professionals.

Henry confirmed that during his visit he signed an Establishment Agreement, a Land Use and Agency Agreement and a Fiscal Regime Agreement with JISCO’s Chairman Chen Chunming in Jiayguan.

The agreements were already confirmed in the Government’s Cabinet Decision Number 33/17 dated September 4, 2017.

“This billion is a spend that starts tomorrow. That is what I left China with: An agreement for unlocking US$1 billion in investments, now,” Henry stated.

“They don’t have to go back to China, and say, ‘Can I get the money?’ And it is not a loan, it is an investment in expanding their involvement in Jamaica,” he explained.

http://www.jamaicaobserver.com/news/jisco-starts-us-1-b-spend-in-jamaica-this-week_113309