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IDB Lends US$45 Million for Jamaica’s Education Transformation

WASHINGTON, DC – A loan agreement for US$45 million (J$4 billion) was signed between the Government of Jamaica and the Inter-American Development Bank (IDB) at the bank’s headquarters, downtown Washington D.C., on Thursday (February 25).

Minister of Finance and Public Service, Hon Audley Shaw, signed on behalf of the Jamaican Government, while IDB president, Luis Alberto Moreno, signed on behalf of the bank.

Mr. Shaw explained that the objective of the loan is to support the education transformation process, including both institutional and policy changes deemed necessary to improve the quality of services provided, as well as increase the performance efficiency and accountability of the Jamaican educational system.

He also pointed out that US$15 million of the amount will be used to provide some 2,000 additional classroom spaces, which are critically needed.

He said that Jamaica welcomed the assistance from the IDB, as it will go a long way in supporting the Government’s efforts to reform the education sector.

Mr. Moreno responded that the IDB was pleased to support and finance the Government’s education sector reform project.

He commended the Prime Minister, the Hon Bruce Golding, on his steadfastness in addressing a number of fiscal challenges which, he said, will help the country achieve its long-term development goals.

Accompanying Mr. Shaw at the signing were Jamaica’s Ambassador to the United States, His Excellency Anthony Johnson; Governor of the Bank of Jamaica, Brian Wynter; and Financial Secretary, Dr Wesley Hughes.

Also present was the IDB’s Executive Director for the region, Winston Cox, and Alternative Executive Director, Ambassador Richard Bernal.

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