Government and private sector joining forces to create economic growth
During the remainder of the current financial year Government will be joining with the private sector to generate major new economic activity in the island.
Minister of Finance and Economic Affairs, Chris Sinckler, made this disclosure today while delivering his Financial Statement and Budgetary Proposals in the House of Assembly.
In expanding on his plans to generate economic activity in the island, Sinckler said: “In November 2013 Government, working on a Public Private Partnership basis with three of the largest road builders in Barbados, will launch a $125 million Special Roads and Bridges Package to be executed by these private firms over the planning period. This project is expected to create at least 500 additional jobs.”
Sinckler went on to say that in October 2013 the National Housing Corporation along with a private developer is expected to begin work on the Exmouth Housing Complex at a cost of $33 million, creating 75 jobs.
The Maria Holder Trust, working in concert with the Ministry of Education will also generate additional jobs while constructing six new
nursery schools over the next 18 months. “The first of these should start in the last quarter of the year with
the others over the course of 2014,” he added. “The estimated financial injection into the local economy is set at $10.8 million.
“Additionally, the Ministry of Education is expected to initiate construction of one new secondary school in Christ Church during the last quarter of 2014 at a cost of $24 million.”
The minister also revealed that Prime Minister Freundel Stuart would be intervening in the protracted dispute between the Barbados Workers Union and the Barbados Water Authority that was holding up a number of development projects in the south and south east of the country.
“The … Prime Minister has consented to use the goodwill of his office to intervene and bring a firm resolution to the on-going dispute between the Barbados Workers Union and the Barbados Water Authority on the critical mains laying projects so vital to the continued social and economic development of Barbados.
“Our anticipation is that with all things permissible these projects should be able to get going before year end, bringing with them $170 million in investment and infrastructure work. They will also generate hundreds of jobs across the country.”
Sinckler added: “Finally, just this past week I signed off on the financing plan for the Cruise Pier Project at the Bridgetown Port. With this out of the way, the developers can now forge ahead with plans to initiate close to $160 million in construction work at the site, with $90 million of that expected in the first phase of construction. We anticipate that work should be able to commence in January of 2014.” (NC)