(Jamaica Observer) – TO ensure a broader range of projects with more participants, Prime Minister Dr Andrew Holness has announced that the Facilitated Acceleration of Strategic Transformation (FAST), the complementary body to the National Reconstruction and Resilience Authority (NaRRA), will facilitate projects of US$15 million ($2.4 billion).
During his budget presentation in March the prime minister had announced a minimum requirement of US$150 million or $24 billion.
He announced the change on Tuesday as he opened the debate on the Bill that will establish NaRRA, the body that will drive reconstruction efforts post-Hurricane Melissa, while undertaking major new projects such as a new Kingston Public Hospital, expansion of the Vernamfield Airport, and the proposed Government campus at Heroes’ Circle.
“After careful reflection on the investment landscape and the scale of private capital the Government would need to crowd in, we have decided to lower the FASTJamaica investment threshold from US$150 million to US$15 million. This is a deliberate decision to widen the door for resurgence. At US$15 million a broader universe of strategic investors — local, regional, Disapora, international — can qualify for the FAST pathway,” Holness told the House as he opened the debate.
“Imagine 100 projects at that threshold, that’s US$1.5 billion of private investment mobilised at speed, creating jobs, building capacity, and driving economic expansion across every region of the island,” he added.
The prime minister also noted that designated strategic investment projects under FASTJamaica will create a dedicated pathway to fast-track private sector-led strategic investment projects.
