Chavez
to lend Jamaica US$300m
The
Trinidad Guardian
CARACAS
Petroleumworld.com 01 08 05
The
Venezuelan government is finalising a loan of up to US$300 million
(J$19.2 billion) to Jamaica, which the Patterson administration
hopes will put it in a position to jump-start the Ocho Rios
leg of Highway 2000, as well as finance a major island-wide
road repair project, government sources say.
“The
deal is for between US$250-US$300 million,” an administration
official told the Observer. “It should be settled early
in the new year. The technical details are being straightened
out.”
Part
of the issue in structuring the deal, officials say, is to ensure
that it is done in such a way that it does not spook the international
money markets that had been concerned over Jamaica’s debt
ratio, which had caused a downgrading of the country by rating
agencies. “That’s a key issue,” said an administration
official.
Neither
finance minister Omar Davies nor Highway 2000 officials were
available Monday for comment.
Patterson
first discussed the idea of the loan with Venezuelan president
Hugo Chavez in August, when Chavez came to Jamaica to sign the
PetroCaribe Oil Accord with Caribbean leaders.
