MONTEGO BAY, St James — Prime Minister Portia Simpson Miller has expressed appreciation for the over $4.6 billion which the PetroCaribe Development Fund (PCDF) has expended towards projects which have had transformative and positive impact on the Jamaican economy.

“Since the inception of the PCDF, more than $4.6 billion have been invested in projects for social intervention, employment creation, culture and education,” Simpson Miller said of the fund which was established nine years ago.

Establishment of the PetroCaribe Development Fund (PCDF) in 2006, she said, has been an integral part of Jamaica’s thrust to ensure the proper management of the proceeds from the PetroCaribe Agreement, and its allocation to projects approved under the arrangement.

Some of the projects she made reference to include:

* The expansion of Jamaica’s road and highway network,

* Improving our mining infrastructure

* Financing Small and Micro Enterprises

* Supporting the Revolving Students’ Loan Fund,

* Modernisation of the Norman Manley International Airport in Kingston,

* The upgrading of our port infrastructure; and

* Advancing land ownership for our people through the Land Administration Project.

Simpson Miller was among a slew of representatives from signatory countries to the agreement, including Venezuelan President Nicolás Maduro, attending the 10th Commemorative Summit of the PetroCaribe Agreement at the Montego Bay Convention Centre, Saturday night.

Also in attendance was Percival James Patterson, former Prime Minister of Jamaica.

PetroCaribe is an oil alliance of many Caribbean states with Venezuela to purchase oil on conditions of preferential payment. The alliance was launched on 29 June 2005 in Puerto La Cruz, Venezuela, during the reign of Huga Chavez.

Meanwhile, arguing that PetroCaribe has expanded beyond its focus on energy, Simpson Miller highlighted the ‘PetroCaribe Economic Zone’ and the ‘Plan of Action for Hunger Eradication and Poverty’, two major initiatives which are now in progress.

“These developments provide a clear indication of the expansion of PetroCaribe beyond its energy focus, to embrace critical issues facing the broader development agenda of the region,” Simpson Miller argued.

“The PetroCaribe Agreement continues to ensure the energy security of the countries within our region, promote social and economic development, and foster greater trade and other forms of cooperation. A fundamental objective of the partnership is to promote higher levels of development in order to fulfil the needs and aspirations of our peoples and improve their quality of life.”