MINISTRY OF FINANCE & PLANNING PRESS RELEASE

MINISTRY OF FINANCE & PLANNING PRESS RELEASE

For Immediate Release

GOJ DISBURSES FUNDS TO CARIB CEMENT COMPANY UNDER PETROCRIBE TRADE COMPENSATION MECHANISM

Minister of Finance and Planning, Dr. the Honourable Peter Phillips announced the disbursement of US$1.669M from the Petrocaribe Development Fund (PDF) to the Caribbean Cement Company for Clinker exported to Venezuela under the trade compensation mechanism of the Petrocaribe Agreement.

During a symbolic cheque handing-over ceremony held at the Ministry's Head Office, Minister Phillips lauded this venture as a "pioneering" move, signaling the opening up of additional markets for Jamaican products. He said that other Jamaican companies should seize this opportunity and use this new mechanism to market their products in Venezuela.

Minister Phillips highlighted that this mechanism under the Petrocaribe Fund would also allow the country to reduce its level of debt and at the same time facilitate productive activity in Jamaica.

Chief Executive Officer of the Petrocaribe Fund in Jamaica, Dr. Wesley Hughes, in his remarks said, this initiative was an important development and should be considered as a template for other companies to follow in exporting goods to Venezuela. He stated further, that this initiative will yield positive benefits by enabling business expansion that would generate jobs that the country urgently needs.

Under the Trade Compensation Mechanism, Caribbean Cement Company would supply 100,000 tonnes of Clinker to Venezuela from December 2013 to April 2014. It is expected that this agreement will offset approximately eight per cent of Jamaica's annual debt payment.

The Caribbean Cement Company was represented by Mr. Anthony Haynes, Managing Director and Mr. Brian Young, Chairman of the Company.

January 21, 2014

For more information contact:

Communication & Public Relations Unit Ministry of Finance and Planning

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Tel: 932-4656/4655/4660 Email: cheryl.smith@.jm / christine.day-hinds@.jm/kadisha.sharp@.jm

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