THE Factories Corporation of Jamaica (FCJ) said Friday that it has secured financing for the upgrade and expansion of the old Goodyear factory into the Morant Bay Urban Centre (MBUC).

FCJ Chairman Lyttleton “Tanny” Shirley indicated in a press release on Friday January 28 that one week ago, on Friday January 21, directors of the Morant Bay Urban Centre Company Limited met with the National Commercial Bank (NCB).

The funding is in the amount of $6 billion and is described by the FCJ as a construction loan. The agreement paves the way for China Harbour Engineering Company Limited to begin construction activities at the old Goodyear factory facilities in Springfield, St Thomas.

Construction of this development is expected to commence in February 2022.

Shirley commented, “The signing signals the beginning of a new dawn for the parish St Thomas, which has not experienced any major development in over 30 years. St Thomas will now benefit from economic growth through the development of the Morant Bay Urban Centre, alongside the construction of the highway which is now underway.”

He said the FCJ was giving the commitment to have the project completed within the specified 24-month timeline and within budget.

The loan agreement comes three years after ground was broken for the project. The Morant Bay Urban Centre is expected to facilitate the amalgamation of services provided by the Government of Jamaica and the private sector through the creation of 436 thousand square feet of space.

Among the entities to take up space at the development are the St Thomas Municipal Corporation, the Ministry of Justice through the St Thomas Parish Court, all other government entities located in Morant Bay, and several private sector companies to include KFC, Burger King and business process outsourcing (BPO) companies, among others.