FREEPORT, Montego Bay — Finance minister Audley Shaw has urged the commercial banks to lower loan rates extended to customers, now that government paper interest rates have reached single digit proportion.

“I say to the commercial banks, come on board…when the interest rates are going in the wrong direction within days we get a response now interest rates are going in the right direction and months are passing and we are not seeing the response,” said Shaw at a corporate breakfast forum at the Secrets hotel in Freeport, Montego Bay.

Hosted by businesswoman, Pauline Reid’s Corporate Connections company, the forum was heavily attended by western Jamaica’s business community.

Shaw, who gave the keynote address, also spoke of plans to re-finance Highway 2000, which he said was costing the government almost $3 billion in annual interest payments.

Other investment projects outlined by Shaw included plans over the next four years to spend US$400 million acquired at an interest rate of 2.5 per cent for road rehabilitation and plans to consider a special incentive regime for the hotel sector to facilitate the refurbishing of rooms.

Shaw also told his audience that Downtown Kingston was on the brink of a comeback to its former glory days.