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VENEZUALAN AMBASSADOR PAYS COURTESY CALL ON MINISTER PICKERSGILL

Minister Robert Pickersgill (left), greets and presents Mr. Noel Enrique Martinez Ochoa, Venezuelan Ambassador with a gift.

The Hon. Robert Pickersgill, Minister of Housing, Transport, Water and Works said that his Ministry was one of the single largest beneficiaries of the agreements signed between the Governments of Jamaica and Venezuela in Montego Bay earlier this week. He said that his Ministry had responsibility for the largest portion of the Government’s social programme and had an integral role to play in helping poor Jamaicans achieve a better quality of life.

The Minister made his comments at a meeting with the Venezuelan Ambassador, Noel Martinez Ochoa at the Ministry’s headquarters this morning (August 17, 2006).

The Jamaica Mortgage Bank (JMB) which falls under the Ministry will benefit from a line of credit totaling US$2 million from the Economic and Social Development Bank of Venezuela (BANDES) through the San Jose Accord. The JMB will be able to access the credit at a beneficial interest rate, which will allow the Bank to move into the international financial market and to pass on the benefits to its developers. “Home ownership is the dream of all Jamaicans and the Jamaica Mortgage Bank will continue its fine tradition of financing safe and affordable housing for Jamaicans”, the Minister said.

In addition, the construction of Highway 2000 will be enhanced by a capital injection of over US$ 293 million under the agreements.

“The development of the road infrastructure will impact positively on all sectors of the economy and will generate significant economic activities across the island. It is a strategic response to the rural-urban drift and rural underdevelopment” Minister Pickersgill said.

He noted that Venezuela was playing an important role in the Region in helping small vulnerable states to mobilize funds for socio-economic development. He said that the poverty rate in the Latin American and Caribbean Region stood at 43% and that the reduction in the poverty rate was inextricably linked to the achievement of the other seven Millennium Development Goals (MDGs).

Minister Pickersgill hailed the latest agreements between the two countries as a great example of south-south cooperation. Pointing out that stronger economies mean stronger voices on the global scene for the developing world, the Minister said that it was imperative that the developing world pursues the quest for human security for its people in a united and focused manner.

He gave his commitment to the Ambassador that the resources would be utilized in a manner that would benefit poor Jamaicans.

In responding, the Ambassador said that he was at the disposal of the Minister to assist in the implementation of projects.