Cabinet approves joint venture agreement for Morant Bay Urban Centre

Minister of Education, Youth and Information, Senator Ruel Reid, addresses Wednesday's (September 26) post-Cabinet press briefing at Jamaica House.

KINGSTON, Jamaica — Cabinet has given its approval for a joint venture agreement between the Factories Corporation of Jamaica (FCJ) and China Harbour Engineering Company (CHEC) Limited for the construction of the Morant Bay Urban Centre in St Thomas.

The disclosure was made by Minister of Education, Youth and Information, Senator Ruel Reid at yesterday's post-Cabinet press briefing at Jamaica House.

He said the agreement will see the construction of the new urban centre on 28 acres and 365 square feet of land over a two-year period.

Reid informed that Cabinet has also instructed that the joint venture agreement include a clause that allows the Government to divest its equity through a public offering on the Jamaica Stock Exchange (JSE).

He further added the Ministry of Culture, Gender, Entertainment and Sport will consult with the FCJ to incorporate considerations for heritage, culture and sport, including the replacement of the Good Year sports oval.

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