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US$70 MILLION ROAD.

A Malaysian consortium has received a letter of intent (LOI) from Jamaica to build a 11.9km bypass road in Montego Bay, estimated to cost US$70 million, reports Malaysia's New Straits Times Press (Feb. 26, 2003). The consortium comprises CIDB Holdings Sdn Bhd and Ranhill Bersekutu Sdn Bhd:

CIDB chief executive Datuk Hamzah Hasan said the next step is for the consortium to submit a technical proposal, which will include the financial aspect of the project, to the Government of Jamaica. This should lead to the issuance of a letter of award from the National Works Agency of Jamaica, which is expected within a period of six months. A memorandum of understanding between the governments of Jamaica and Malaysia was signed in August 2001, which outlined comprehensive technical cooperation in infrastructure development. One of the projects identified was the Montego Bay bypass road;

The consortium is expected to raise 60 per cent of the cost of the project. CIDB, in a consortium with MTD Capital Bhd, also submitted to the Government of Jamaica early last year a proposal for a mixed development project on a 4,400ha. Meanwhile, Senator Noel Soley invited Malaysian businessmen to help develop Montego, the second largest city in Jamaica which has a population of about half a million. Soley said the Government plans to turn Montego into a premier resort city. Between two-three million visitors are expected to visit the city in the next six to seven years.

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Title Annotation:Malaysian consortium will build from 11.9km bypass road in Montego Bay
Comment:US$70 MILLION ROAD.(Malaysian consortium will build from 11.9km bypass road in Montego Bay)
Publication:Caribbean Update
Article Type:Brief Article
Geographic Code:5JAMA
Date:Apr 1, 2003
Words:246
Previous Article:NATURAL GAS PROJECT.
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