Gov’t completes negotiation with JPS for US$150 million loan
KINGSTON, Jamaica —Energy Minster Daryl Vaz says the government has completed negotiations with the Jamaica Public Service (JPS) for a US$150-million loan to the company to facilitate the light and power provider’s efforts to build back its grid that suffered catastrophic damage from Hurricane Melissa.
“After almost two weeks of intense negotiations between the Ministry of Energy, Ministry of Finance and JPS, we are able to have an agreement signed off on Friday last for the $150 million which will allow for 300 linesmen to be mobilised to get here by the week before Christmas, working through into New Year,” Vaz said in an update on Monday.
The energy minister said the loan will also allow for the staff complement of linesmen in Jamaica to be increased by 170, to 470 in total.
“We hope that we’ll move from 80 per cent to 90 per cent within that time frame, Christmas and New Year, and by the end of January we’ll have full restoration, save and accept for some areas that are inaccessible,” Vaz said.
“So that is what the $150 million loan would be able to do in relation to bringing back the timelines for restoration for the island by January and by 90 per cent December, and of course their original timelines based on their projections and their cash flows would have taken us to May 2026,” he continued.
The minister said the JPS continues to work assiduously to restore electricity despite constraints and has given priority to essential services like hospitals and National Water Commission pumps.
“This is a strategic move by the government of Jamaica to make sure that we try to bring back the economy so that people can earn and the government can also earn so it is not surprising of the results that we are getting in relation to hospitals, water supplies and other major essential services,” Vaz said.
Meanwhile, the energy minister said electricity is being restored to affected parishes daily, with Treasure Beach in St Elizabeth and surrounding areas set to have power restored on Monday.
“You will see improvements even before the 300 linesmen to come because there are areas in the affected parishes that are getting back light every day including Treasure Beach and the surrounding areas which are to get back light today if they didn’t get it yesterday,” Vaz added.
