US$10 million for Jamaican productive sector

(Caracas, October 27, 2010).- With the aim of partially financing construction of a 65.5 MW thermo-generating plant in Kingston, Jamaica, CAF - Latin American development bank - announced approval of a US$10 million long-term loan, in favor of the private company West Kingston Power Partners (WKPP).

"Continuous improvement of the quality of life in our shareholder countries – CAF President & CEO Enrique García said – is a primary objective for our institution, which is why we support initiatives which stimulate the growth of the productive sector, competitiveness and projects which go in that direction."

Garcia added that the development bank provides finance for the private productive sector by granting long-term loans, as in the case of WKPP. "Specifically this project will add capacity to the country’s electricity system, over 44% of which is more than 30 years old and so needs to be replaced in the short run.”

The project, with a total investment of US$131.7 million, is designed to guarantee a stable power supply, cut retail tariffs, and reduce transmission losses. Once in operation, the plant will sell all the power generated to the local power distributor Jamaica Public Service Company.

CAF is especially interested in extending support to Jamaica through partial financing of new programs and projects duly prioritized by the government authorities and with expected high impact on improving the quality of life of the population and on the competitive strengthening of the productive sector.