CEZ refocuses on Jamaican investors

But still hoping for Chinese backing

Avia Collinder, Business Writer

Government is taking a new approach to its vaunted Caymanas project, having so far failed to entice foreign capital to the scheme despite two years of pitches to Far Eastern interests.

But Industry Minister Karl Samuda is insistent that the change of strategy, which sees him focusing on local investors and divvying up his area of the project into segments, should not be read as a scaling back of the project.

The Urban Development Corporation (UDC), while sidestepping direct questions on the issue, issued an overarching statement saying it was never the intent to seek private capital for all the projects.

"There are aspects of the Caymanas development that have nothing to do with investors," said UDC General Manager Joy Douglas via email to the Financial Gleaner this week.

"You should be aware that when the development is complete, almost half of the 10,000-acre Caymanas Estate will be under the control of the JDF."