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2006
2006,
September 17: The Port Authority of Jamaica has secured three loans from the
Export Import Bank (EX-IM) of China and Citibank, to finance the purchase of
four ship-to-shore gantry cranes for the fifth stage expansion of the Kingston
Container Terminal.
According to the Jamaica government information
service, on September 12, the House of Representatives unanimously approved
government's guarantee of the loans, which amount to US$30.1 million.
State Minister for Finance and Planning, Fitz
Jackson, who moved the resolution, seeking support for the guarantee, explained
that the loan "will facilitate the commissioning of the cranes in order for the
Port Authority to meet the schedule in the expansion currently being pursued at
the port".
He noted that the Port Authority possessed an
excellent repayment record, and "from all indications, it continues to meet its
financial obligations."
Opposition Member of Parliament for North Eastern
Manchester, Audley Shaw acknowledged that the Port Authority of Jamaica was one
of the more profitable public sector companies in the country and suggested that
instead of continuing to seek loan guarantees from the government to finance
expansion, the Port Authority and other profitable public sector companies,
should consider equity financing.
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