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July 23, 2021

World Bank relocating regional offices to Kingston

The World Bank is moving its Caribbean operations to Jamaica as part of its plan to decentralised more staff and functions to the field offices by the mid-2020’s. Carlos Felipe Jaramillo, World Bank regional vice president for Latin America and the Caribbean (LAC), commenting on the relocation of staff from Washington, said “The World Bank has decided that because of the importance of Jamaica, we are creating a regional hub to manage all our business in the Caribbean from right here in Kingston.” Jaramillo was speaking with the Jamaica Observer at the end of a three-day visit to island earlier this week. It was his first trip as regional vice president for the LAC and his first visit to Jamaica. Finance Minister Dr Nigel Clarke also added, “Jamaica has taken responsibility, shown leadership and is therefore an example to the region, and to the world, of a country boldly facing its challenges, with steady resolve, creativity and discipline. The visible and encouraging results are not only our success. They are the success of our bilateral and multilateral partners too. By relocating its Caribbean headquarters from Washington DC to Kingston, the World Bank implicitly projects Jamaica’s example and achievements to others, even as we continue to work assiduously towards improving social and economic outcomes.” Jaramillo says the process to expand the office is now being started. The regional offices will be headed by Lilia Burunciuc, who was appointed World Bank country director for Caribbean countries, effective July 1, 2021.   Jamaica to benefit from US$185-million Catastrophe Bond After three years of efforts, Jamaica has now secured a catastrophe bond to insure the country against financial losses up to U.S.$185 million from named storms for three Atlantic tropical cyclone seasons from 2021 to December 2023. Finance Minister Dr Nigel Clarke first outlined the need for a catastrophe bond for Jamaica in May 2018, but at the time the existence of investors willing to accept tropical cyclone and hurricane risk from a single island, situated in the direct path of hurricanes, was unproven. Clarke commenting on the deal which was finalised on Monday during the visit of the World Bank’s Regional Vice President for the LAC, Carloe Felipe Jaramillo, noted, “with the World Bank’s support, we made our case to the governments of the UK and Germany, through the Global Risk Financing Facility (GRIF), which they capitalise. They bought into our vision and provided us with a grant that we will use to help pay the premia.” “We received similar support from the USAID which began with my first meeting with Jason Fraser when he assumed responsibility for USAID in Jamaica.” The catastrophe bond is the first for any country in the Caribbean and the first of any small island state. It’s also the first ever catastrophe bond with the cat in a grid trigger design. To determine payout, the most sophisticated technology will be used to quickly assess the damage of a hurricane with the data taken from the US National Hurricane Center automated tropical cyclone forecast. It allows for the determination of the payout within a few weeks of the event. That grid divides Jamaica into a grid of 19 squares in a map that are superimposed over the island. The data from the US Hurricane Center, will show which of these squares are affected, and depending on the damage in each square the payout is determined. Clarke further added that “The Government of Jamaica has strategically prioritized disaster risk financing to mitigate the adverse fiscal impact of tropical cyclones and hurricanes, thereby increasing our economic resilience. We have to incorporate the realities of our climatic vulnerability by planning ahead.” The World Bank says it hopes other Caribbean countries will follow suit. Source: https://www.jamaicaobserver.com/business-report-daily-biz/world-bank-relocating-regional-offices-to-kingston_226885?profile=1056

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New JMEA president eyes Amazon to boost exports

Newly appointed President of the Jamaica Manufacturers and Exporters Association (JMEA) John Mahfood is hoping to help small manufacturers to tap into a wider market by distributing their products through online channels. He told the Jamaica Observer that in coming weeks the association will meet with online retail giant, Amazon to determine the possibilities. “I want to see if there’s an opportunity for us to sell online and the logistics of delivering the goods to customers in a fast and cost effective way…that is something that can make a difference for the smaller Jamaican manufacturers,” he said. Jamaica is now among 188 countries including other Caricom countries that are approved by Amazon to sell on the e-commerce platform. “If that comes through, it will be a great opportunity if we can find a way of getting the goods to Amazon who, in turn, would be able to ship it to the consumers who ordered online,” Mahfood told the Caribbean Business Report, noting that smaller manufacturers have challenges exporting directly to consumers due to the costs. “[Shipping] from Jamaica, typically, is very expensive if you use a courier service, so we’re also talking to the Jamaica Post office with a view to handle logistics. If that can’t work then we have to look at fulfilling the goods overseas, having a warehouse or a fulfilment centre in the US that allows people to order online but ship from a central location,” Mahfood continued. He said, too, that the JMEA also aims to increase exports to the Caribbean. “Not enough Jamaican manufacturers export to the Caribbean and there are also logistical issues with that but not as difficult as it is in terms of online,” he said. Mahfood, who is also CEO of Jamaican Teas Limited, was elected JMEA president for the 2021/2022 period during the association’s annual general meeting on Wednesday. He assumes the role from Seprod’s CEO Richard Pandohie, who served two-consecutive terms — 2019/2020 and 2020/2021. Pandohie, who chose not to seek re-election, described the appointment as a “baton change in progress”. “JMEA has been very good in terms of a transition plan because before I became president, I was the deputy president for four years. We keep building on what has been done by each president and their team. I am confident that the incoming leader and his team will take the baton and run a blistering leg,” he said. Pandohie told the Caribbean Business Report that he wants the association to continue to advocate very stridently for the small and medium-sized enterprises (SMEs), “as they are the real drivers of growth for the economy”. “For a long time, the perception of many people was that the JMEA represented big companies, but 74 per cent of our membership are SMEs and those are the real people that we represent. I also want us to continue connecting with Jamaicans… I want them to see us as an association that is representing the people and Jamaica,” he said. Deputy president of the association remains General Manager of Rainforest Seafoods Limited Jerome Miles, who ran unopposed. Co-founder of Lubricating Specialties Company Jamaica, Sydney Thwaites, was elected as the incoming treasurer, assuming the role from Chief Financial Officer of Kingston Wharves Clover Moodie. Completing the list of elected directors for the 2021/2022 period are Moodie; senior general manager of the canning division of GraceKennedy Foods, Andrew Wildish; director and factory manager PA Benjamin Manufacturing Company Ltd, Christopher Powell; group export manager at Wisynco, Stephen Dawkins; founder and CEO of Home Choice Enterprise Limited, Kareema Muncey; and general manager of Lifespan Company Limited, Robert Scott.

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Frontier Airlines expanding flights to Jamaica

Low-cost American carrier Frontier Airlines continues its Caribbean expansion with more non-stop flights to Jamaica. The airline announced that beginning this November it will kick off non-stop service from Atlanta’s Hartsfield-Jackson International Airport to Jamaica’s Sangster International Airport in Montego Bay. The flights will operate three times each week. Frontier has been one of the fastest-growing carriers in the Caribbean since the onset of the novel coronavirus pandemic, with a wave of new flights to the region from airports in Orlando and Miami, Florida. The announcement comes after Frontier recently launched another new route to Montego Bay, with three weekly flights from Miami International Airport that started in May. Frontier also announced the planned launch of another Caribbean route from Atlanta, with four weekly flights to Cancun set to kick off on November 2. The low-cost carrier has targeted Jamaica, as the country’s tourism sector gathers momentum after its closure last year due to the novel coronavirus pandemic. The move is premised on the fact that Jamaica is currently open for tourism and that more and more travellers want to visit Jamaica. Senior vice-president at Frontier Airlines, Daniel Shurz, said the airline is thrilled to continue growing. “We remain focused on identifying routes where our ‘Low Fares Done Right’ service benefits customers the most with affordability and convenience,” Shurz explained. Source: https://www.jamaicaobserver.com/business-report/frontier-airlines-expanding-flights-to-jamaica-new-flights-will-begin-this-november_226831?profile=1056

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