The go-ahead for the project follows the securing of funding from international financial instiutions.
The project includes 10.5km of new road, two toll plazas, a 165m crossing of the Rio Minho River and 17 other bridges. The Jamaica Toll Road will be operated by TransJamaican Highways (TJH) and the project will be designed and built by Bouygues TP Jamaica. Design and construction is expected to take 23 months.
The road will reduce traffic congestion on the island’s main route west of Kingston. The four-lane motorway extension between Sandy Bay and Four Paths is expected to reduce travel times, road accidents and emissions and is part of the Jamaican government’s flagship ‘Highway 2000’ initiative.
Long-term funding for the US$285m (£174m) project will be provided entirely by international financial institutions and fill a current funding gap for infrastructure projects. The European Investment Bank, Inter-American Development Bank, Proparco and IFC, the private sector arm of the World Bank Group, will each lend money for the scheme. The involvement of international development finance bodies demonstrates the commercial viability of public private partnership operations in the Caribbean, according to Jamaica’s government.
“The Jamaica Toll Road is a crucial contribution to improving transport links and promoting economic development in Jamaica. The European Investment Bank is pleased to be a key investor in this flagship project,” said European Investment Bank vice president for the Caribbean Plutarchos Sakellaris,.
“The Jamaica Toll Road will help to alleviate the severe hurdles to development posed by transport infrastructure. It is a continuation of IFC’s commitment to improving Jamaica’s infrastructure sector,” said IFC director for infrastructure in Africa, Latin America and the Caribbean, Bernie Sheahan.
“We are pleased to support the Government of Jamaica and TJH with this financial program for this critical infrastructure project," said IDB division chief for infrastructure, structured and corporate finance Jean Marc Aboussouan.
“The 2000 Highway is a key infrastructure of most importance for the Jamaican development, and on the short term, these major roadworks will foster the island economy. This is the second substantial investment in Jamaica for Proparco within a year,” said Proparco deputy CEO Laurent Demey.
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