The Inter-American Development Bank today announced the approval of an $8.4 million loan to Jamaica to assist the government in establishing a more dynamic, equitable, and efficient land market.
The resources will finance new technological and administrative processes and better management and planning in four areas: land registration, public land management, land information management, and land use planning and development.
The project is designed to improve the accessibility of all segments of the population, including low-income groups, to land markets, as well as to provide greater protection to property rights of all sectors of society, including women heads of households, through existing legal norms. In addition, the project will reduce legal uncertainty and lead to greater access to credit and more investment in sounder and more productive land use.
Among the results of the program, some 270,000 certificates of title and 5,000 deposited land use plans will be computerized and indexed. In the targeted parish of St. Catherine, land tenure for 30,000 parcels will be clarified.
The total cost of the program, to be carried out by the Ministry of Environment and Housing,* is $12 million.
The IDB loan is for a 20-year term, with a 3-year grace period, at the variable interest rate, now 6.84 percent. Local counterpart funds total $3.6 million.
Part of the interest will be defrayed by the Intermediate Financing Facility.
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