The Government has signed a US$12-million loan agreement with the World Bank Group’s International Bank for Reconstruction and Development (IBRD) for the Kingston Waterfront Improvement (KiWI) Project.
The signing ceremony took place on Friday (October 18) at the Ministry of Finance and the Public Service in Kingston.
The KiWI Project involves the design and implementation of a modern park along the waterfront over a five-year period.
The park is intended to aesthetically enhance the downtown space and revitalise business interest in the area, while fostering community development.
Speaking during the signing ceremony, Finance Minister, Dr. the Hon. Nigel Clarke, disclosed that the project’s overall cost is US$40 million, with the Government providing joint financing.
He emphasised that the project will benefit significantly from the World Bank’s technical support, highlighting that Jamaica lacks the kind of expertise required to execute the initiative.
“Whereas development has occurred, we have moved inland, and Kingston today suffers under the challenges of urban blight. Working with the World Bank, through the Jamaica Social Investment Fund (JSIF) and the Urban
Development Corporation (UDC), the opportunity exists to reimagine downtown Kingston and create an environment that is conducive to work, to play, to pleasure and to all things that we know Jamaicans enjoy,” Dr. Clarke stated.
World Bank Country Director for Latin America and the Caribbean (LAC), Lilia Burunciuc, informed that the park will include adaptable markets, event spaces for art and entertainment as well as provide support to small businesses and local entrepreneurs with income-generating opportunities.
She further advised that local entrepreneurs will receive training in business plan development, operations, accounting and marketing.
Additionally, Ms. Burunciuc said businesses will receive support through equipment upgrades and energy-efficient appliances, “and the emphasis will be placed on youth, because this is the future”.
“I really hope it’s the beginning of the urban renewal and transformation in Kingston and the Jamaican economy,” the Country Director stated.
Meanwhile, Dr. Clarke emphasised that the project is, importantly, being designed with people at the heart of the plan, specifically residents and small businesses operating in downtown Kingston.
“We have to cultivate an environment that is conducive to good quality of life, good public spaces that people can enjoy… and this is what we celebrate here,” he stated.
Dr. Clarke also pointed out that, “when the Government invests in this way, it reduces the cost of private-sector investment”.
“By making such a significant investment [in] downtown [Kingston] to put a park, it is going to incentivise commercial developers. Real estate developers will follow behind this investment of the Government and, in so doing, revitalise the space of downtown,” he added.
Ms. Burunciuc concurred, noting that, “It also will expand economic opportunities and… strengthen their capacity to attract private investment, because this is where development will come from… from the private investment that, hopefully, will be stimulated by this development on the waterfront.”
The KiWI Project’s two phases are expected to directly benefit more than 7,000 Jamaicans.
However, its transformative effect is expected to be far-reaching, in terms of transitioning Kingston into a modern city and improving the quality of life for persons residing downtown and other persons with vested interests.
