THE Inter-American Development Bank (IDB) plans to build a multi-million dollar country office in Kingston, which will result in the relocation of the donor agency from New Kingston after some two decades.

Costs are yet to be determined, but the multi-storey office will be located at 6 Montrose Road. Essentially the IDB needs more space to support its expansive operations in Jamaica.

“It is a positive development to put up our own single site facility, as the current office has outgrown our space,” country representative Therese Turner-Jones told the Observer in an interview on Monday. The IDB staff ranges from 30 to 45 based on short-term contracted employees.

The construction will be financed from the IDB’s capital budget. The development is part of an IDB infrastructure investment programme throughout the Caribbean.

The proposed new IDB office in Jamaica will join Barbados and Trinidad & Tobago which also built new complexes in recent years. This investment stands as a positive sign of the organisation’s commitment to supporting the development of the region, she said.

Turner-Jones declined to name the former owner of the proposed site which is currently a vacant lot. The IDB will now develop the architectural designs of the project.

No timeline for the relocation has been set.

The residential neighbourhood of Montrose Road houses a few businesses. Government authorities have conditionally approved the development, which further commercialises the area.

“The authority indicated that it has no objection to the development; however, the design must conform with the character of the area,” indicated the National Environment and Planning Agency in its approvals for October 2013.

The IDB began operations in the island 45 years ago and currently occupies the sixth floor of the Dyoll building in New Kingston.

In 2013, the IDB disbursed some US$101 million in new loans to Jamaica, according to Turner-Jones.

During the same period, Jamaica repaid some US$99 million to the IDB and interest of US$28 million.

In continuing its partnership with Jamaica,the IDB and the World Bank will each allocate US$510 million over the four-year Extended Fund Facility programme between the Government and the International Monetary Fund.

The priority areas for investment include fiscal sustainability, social protection & safety, and improvements to the financial sector and business climate.