Prime Minister Andrew Holness is courting international capital for Jamaica’s post-Hurricane Melissa reconstruction, telling global investors that the country’s rebuilding programme could also accelerate growth in infrastructure, energy, technology and other strategic sectors.
Holness made the pitch at the Visionaries’ Summit in Miami, where he met with international investors and capital allocators representing, according to organisers, hundreds of billions of U.S. dollars in assets under management. The discussions focused on Jamaica’s investment climate, reconstruction needs, artificial intelligence, energy, venture capital and infrastructure.
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The Prime Minister said Jamaica must use the rebuilding process to strengthen its economic capacity rather than simply replace infrastructure destroyed by Hurricane Melissa. He argued that investments in roads, water systems, energy, housing, ports, airports, logistics, schools and health facilities should be structured to support wider economic activity and improve the country’s resilience.
Holness also highlighted Jamaica’s fiscal position as an advantage in attracting investment. According to the Office of the Prime Minister, the country has reduced its debt-to-GDP ratio from nearly 150 per cent to about 70 per cent over the past decade and maintained access to disaster financing, which provided approximately US$600 million in the immediate aftermath of the hurricane.
The Prime Minister said the Government intends to use the National Reconstruction and Resilience Authority (NaRRA) to speed up major reconstruction projects while maintaining procurement, transparency and oversight requirements. The authority is being designed to streamline approvals, project appraisal, procurement and contracting so projects can move more quickly from financing to construction.
Holness also pointed to opportunities in emerging industries, particularly artificial intelligence and energy. He said Jamaica must consider new energy solutions capable of supplying reliable and competitively priced power if it wants to attract industries with significant energy demands. He also said the country has advantages including its geographic location, talent pool and open economy.
Access to venture capital was another issue raised during the discussions. Holness said attracting international capital should also benefit Jamaican entrepreneurs by expanding their access to financing, international business networks and overseas markets.
However, no investment deals or specific transactions were announced following the Miami meeting. Organiser Kirk-Anthony Hamilton said the objective was to establish relationships between Jamaican decision-makers and international pools of capital, with follow-up discussions expected to explore potential investments and partnerships.
