Use Capital Development Fund for its original purpose, Shaw urges
KINGSTON, Jamaica - Opposition Spokesman on Finance, Audley Shaw, today said that the Capital Development Fund, which was established by law in 1974 to administer the proceeds of the Bauxite Levy, should be returned to its original purpose.
Shaw argued that the fund was intended for investment in a wide range of development and technology-driven projects as well as retraining workers to participate in new and emerging industries.
"We owe it to future generations to plough back resources into sustainable Capital Development so that new industries can be created, providing productive employment opportunities, rebuilding communities that have been devastated by extraction of bauxite, and providing basic infrastructure for these communities,” he said.
Shaw said that Government should not make the same mistake with the CDF in regard to the extraction of rare earth elements from red mud lakes.