A released sent by the Ministry of Industry, Investment and Commerce, said the Government of Jamaica made strides towards the achievement of the growth agenda through the signing of a non-binding Memorandum of Understanding (MOU) to pave the way for a possible USD $ 5billion investment earlier this evening.
The MOU, which was signed by Minister of Industry, Investment and Commerce, Anthony Hylton, Minister of Transport, Works and Housing, Dr Omar Davies, and the proposing parties, Krauck Systems and Anchor Finance Group LLC. The negotiations came about as a result of an unsolicited Expression of Interest (EOI) to the Government.
The Expression of Interest is a comprehensive funding and development package to allow for the build out of various elements of the Global Logistics Hub Initiative (GLHI). In response to this EOI, the Government has moved to put in place an MOU to facilitate discussions and negotiations with the proposing parties.
The signed MOU stipulates that a joint team will be named by the Ministers of Industry, Investment and Commerce and Transport, Works and Housing. The team will commence discussions with Krauck Systems and Anchor Finance Group LLC, regarding projects that will form part of the integrated approach for the development of the Hub.
The Industry Minister speaking in reference to the MOU stated, “it will create an environment of mutual trust and confidentiality in which both parties can share information, discuss specific projects and adopt all reasonable measures to ensure the realization of the objectives of the GLHI. It will also allow for the development of an action plan with specific timelines for the completion of the agreed projects.”
In moving forward, the MOU specifies that an initial meeting of the parties will be held at a mutually agreeable time to complete the due diligence requirements, define the specific roles and technical capacity of the proposing parties; and if agreed, to determine the appropriate course concerning any procurement issues which may arise.
Krauck Systems and Anchor Finance Group LLC are required to provide reasonable feedback within a 30-day period after signing the non-binding MOU.
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