Regional

Joint venture agreement for Morant Bay Urban Centre approved

Monday, October 15, 2018

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A joint venture agreement for the Morant Bay Urban Centre in St Thomas has been approved by Cabinet.

Minister of Education, Youth and Information Senator Ruel Reid said that the agreement, which is between Factories Corporation of Jamaica (FCJ) and China Harbour Engineering Company Limited, is for the construction of the new urban centre on 28 acres and 365 square feet of land over a two-year period.

He was speaking at a post-Cabinet press briefing late last month at Jamaica House.

Senator Reid informed that Cabinet has instructed that the joint venture agreement include a clause which allows the Government to divest its equity through a public offering on the Jamaica Stock Exchange, and that the Ministry of Culture, Gender, Entertainment and Sport consult with the FCJ to incorporate considerations for heritage, culture and sport, including the replacement of the Good Year sports oval.

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