(Jamaica Gleaner) The PetroCaribe Development Fund has been approached by the Port Authority of Jamaica to finance dredging in the Kingston Harbour.
Responding to questions from Opposition Senator Kavan Gayle in the Senate this morning, Leader of Government Business AJ Nicholson said several unsolicited proposals have also been received from overseas financial institutions for the project.
Senator Nicholson said discussions are proceeding with at least two of the overseas institutions, as well as the PetroCaribe Develop-ment Fund. He added that the Port Authority is confident that financing will be obtained for the dredging.
Senator Nicholson stressed that the dredging of the Kingston Harbour is a critical plank of the Government’s growth strategy.
He said six dredging companies submitted pre qualification documents on December 11, 2012.
Senator Nicholson said the evaluation process commenced the next day in a bid to ensure that only qualified dredging contractors are invited to tender.
It is projected that the start-up-date for the dredging will be in the third quarter of 2013, and Nicholson said the projects is on target to be completed by the end of 2014.