Partners ready to begin Harmony Cove project in Trelawny - Clarke
Published:Friday | March 5, 2021 | 11:38 AM
Minister of Finance and the Public Service, Dr Nigel Clarke, says the Government is looking to identify resources to fund its US$25-million equity contribution to the Harmony Cove tourism development project in Trelawny, in order to facilitate the project’s commencement.
Clarke explains that the partner in the joint-venture, Tavistock Jamaica Inc, has indicated that it is ready to proceed.
He was speaking during Wednesday’s meeting of Parliament's Standing Finance Committee, whose members are reviewing the 2021/22 Estimates of Expenditure, tabled in the House on February 18.
“To the extent that Tavistock is ready to go, we will find a way for our portion to be met. We believe that we have an avenue through which it can be achieved… but we want it to be done transparently. So, we are reviewing how the Government can meet its contribution,” the finance minister said.
Clarke said the Harmony Cove project is a 50-50 venture that will see each partner injecting US$25 million or approximately J$3.5 billion.
“On top of that [there will be] investments of equities from other institutional investors and loans…from those proceeds, the project will be built,” he further informed.
Harmony Cove is a 2,300-acre property located 23 miles east of Montego Bay, St James, and 44 miles west of Ocho Rios, St Ann.
It is being developed into a resort to include several world-class golf courses, a luxury spa, marina facilities, commercial developments, luxury hotels, private residencies, and other amenities.
It will also include a hotel, casino, convention and entertainment centres, restaurants, and retail assets, and is expected to cost some US$7.5 billion.
Harmony Cove is expected to create a major economic surge on the north coast through direct and indirect job creation, and a boost in foreign exchange inflows.
The Government’s interest is represented by Harmonisation Limited, which comprises the Development Bank of Jamaica Limited and the National Housing Trust.
Tavistock Jamaica Inc. is a subsidiary of global private investment company, the Tavistock Group.
- JIS News
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