USTDA Grants $19M to Air Jamaica’s Divestment Process

KINGSTON, Jamaica – The United States Trade and Development Agency (USTDA) has granted US$221,000 (J$19.12M) to assist in finalising the divestment of Air Jamaica.

Agreement for the grant was signed by Minister of Finance and the Public Service, Hon Audley Shaw, and U.S. Charge de Affairs in Kingston, Isiah Parnell, on Thursday (June 10).

The Jamaican Government is currently in the transition phase of Air Jamaica’s divestment to Caribbean Airlines, which officially assumed responsibility for the airline on May 1.

Hon. Audley Shaw

Mr. Shaw acknowledged the importance of the grant funds in assisting with the technical services costs in completing the process, and in helping the Government to achieve one of its medium term economic objectives of removing the airline from the country’s budget.

“We welcome the support of the US Government in our efforts to further our economic goal, of securing the sustainable development of the Jamaican economy,” he said.

The Minister explained that the grant will finance technical assistance required to develop appropriate corporate and regulatory support, as well as assist with the structure and completion of the documentation for the transition and final agreements for the divestment.

The USTDA previously provided a grant worth US$820,000 in 2008, to the Ministry of Finance and the Public Service, to help fund the initiative in the early stages of the divestment.

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