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TransJamaica Highway Limited (TJH) has gone to the International Finance Corporation (IFC) to seek US$85 million ($7.6 billion) to finance 17-kilometre stretch of highway and retirement of existing debt.
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A section of Highway 2000. |
Yesterday, the IFC outlined in its outline of project information that TJH plans to use to funds to extend from the current highway terminus at Sandy Bay, west to Four Paths - a 17 kilometre stretch - and the refinancing of an existing medium-term facility that was put in place for the financing of Phase 1A of Highway 2000.
Phase 1A from Kingston to Sandy Bay - 33 km long - was completed in July 2006 and is currently operational. Construction of Phase 1B has been subdivided into to two sections - Phase 1B-1 from Sandy Bay to Four Paths and Phase 1B-2 which will extend the toll road to Williamsfield, near Mandeville.
"The financing package is currently expected to be by a consortium of IFC, Inter-American Development Bank (IDB), Proparco, and European Investment Bank (EIB), with whom IFC coordinated its appraisal," said the IFC project document.
This phase of Highway 2000, which is the centrepiece of the multi-year Millennium Projects Programme initiated by the Government of Jamaica and which consists of a 35-year build operate transfer (BOT) concession in Jamaica for the design, finance, construction, operation and maintenance of a tolled motorway connecting the capital Kingston to Mandeville - a 78-km stretch of highway - is now projected to cost US$356 million.
Along Phase 1B-1, an interchange will be constructed at eight kilometres west of Sandy Bay to provide access to the community of May Pen.
The toll plaza will be located shortly after the alignment that connects with the existing A2 Road near Four Paths.
Construction is expected to take 24 months.
TJH is currently 66 per cent owned by Bouygues Travaux Publics - the second largest civil work company worldwide - which won the tender in 2001 and 34 per cent owned by Autoroutes du Sud de la France.
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