Prime Minister Andrew Holness has reiterated that the majority of the shareholdings for 2 projects being done by China Harbour will be held by local investors.
He was responding to questions posed by opposition member Peter Bunting in parliament yesterday (Apl 23).
The query related to the 2 joint venture agreements between Factories Corporation of Jamaica, and China Harbour Engineering Company for the development of the Naggo Head Technology Park in Portmore, St. Catherine, and the Morant Bay Urban Centre in St. Thomas.
Bunting asked about the cash equity being put in by CHEC for its 30 percent of the shareholdings, citing concern that if no other investor puts in equity then CHEC will have majority control of the assets.
Holness said it’s unlikely that there will not be any other investor.
He explained that if CHEC puts in more cash for its 30 percent share, that excess fund would be considered a loan.
Meanwhile it’s expected that project development costs for the Naggo Head technology park in Portmore, St. Catherine, and the Morant Bay urban centre in St. Thomas will be just under US $125 m.
Prime Minister Andrew Holness gave figures for the 2 projects while responding to questions from opposition member Peter Bunting in parliament yesterday.
Holness said for the Morant Bay urban centre, about 40 percent of the commercial space will house government facilities.
This includes the municipal corporation and the parish court.
The remaining space at the Morant Bay centre will be available for rent or lease.