Jamaican Government Approves US$268.48 MM For Jamaica Bauxite Institute For Coming Fiscal Year

Jamaican Government Approves US$268.48 MM For Jamaica Bauxite Institute For Coming Fiscal Year

Jamaica’s legislature this week approved US$268.48 million from the country’s Capital Development Fund (CDF) for the support of the Jamaica Bauxite Institute (JBI) in the coming fiscal year.

Commenting to the House of Representatives last week, Jamaica’s Minister of Finance and the Public Service, Dr. Nigel Clarke relayed the history of the organization, which was formed in 1975. He noted that the Institute was established to manage the government’s interests in the bauxite and alumina trade.

Clarke went on to say that the Institute is funded mostly by levies on the bauxite industry.

“The results of these are expected to assist JISCO Alpart in restarting refinery operations following their closure in 2019.”

Clarke went on to say that, for the coming fiscal year, the CDF is expected to cover about 73 percent of the organization’s US$367 million budget. To date, the CDF has provided US$1.2 billion to the JBI over the past five years.

According to Clarke, the CDF had a remaining balance of US$3.8 billion at the end of the current fiscal year, which will be sufficient to cover the CDF’s portion of the JBI’s operational costs for the coming fiscal year.

“This amount, $268.48 million, was also included in the approved Jamaica Public Bodies Estimates of Revenue Expenditure for the year ending March 2023.”

“We are committed to only withdraw from the CDF, in line with the Bauxite Production Levy Act to facilitate the budgetary support of the JBI,” Clarke concluded.