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Saudis eye business expansion into Caribbean

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The Kingdom of Saudi Arabia (KSA) has expressed its vision of catalysing the expansion of Saudi Arabian business operations in the Americas, especially throughout the Caribbean and Latin American region.

The revelation was made by a high level delegation from Saudi Arabia during the first Jamaica-Saudi Arabia bilateral conference held on Thursday, June 24 at the Jamaica Pegasus Hotel.

The conference, which was hosted by Minister in the Ministry of Economic Growth and Job Creation Senator Aubyn Hill, focused on inward investments to foster economic growth and the creation of new local jobs.

Minister of Tourism for Saudi Arabia, Ahmed Al Khateeb, led the delegation which also included Vice President for Investment Attraction and Development in the Ministry of Investment in Saudi Arabia, Abdurahman Bakir and General Manager for Investment Management and Oversight in the Saudi Ministry of Tourism, Hammad Al-Balawi.

Hill, who has extensive expertise and knowledge in the Middle East, welcomed Al Khateeb to Jamaica and expressed the government’s commitment to strengthening the Jamaica-Saudi Arabia relationship.

He also renewed the government’s commitment to create a modern regional and international logistics centre in the Caymanas area beside Kingston.

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The discussion between the ministers specifically outlined the upcoming logistics centre, where the Kingdom of Saudi Arabia has been invited to become an anchor investor in the Jamaica Special Economic Zone Authority (JSEZA) — Jamaica’s logistics, freight, light industrial and technology campus.

The government said this will serve as the initial step in a multi-strategy objective which will see the bilateral relationship mature into a magnet for Middle Eastern investors seeking a welcoming and responsive government and ecosystem for operational business stability in Jamaica.

The bilateral exchange also outlined the National Water Commission’s (NWC) expansion and modernisation plans, which Hill expressed the opportunity for Saudi Arabia to play a significant role in the prospective US$3.5 billion corporatisation and privatisation of the NWC.

This plan includes US$800 million slated for the downtown Kingston sewage expansion and upgrade project. Separately, it is expected to privatise the Central Wastewater Treatment Company’s (CWTC) — Soapberry Wastewater Treatment Plant. The government said its plan to build 70,000 houses in the next four years will depend substantially on the upgrading of potable and wastewater treatment facilities.

Hill further explained the development of the southeastern highway from Kingston via St Thomas to Portland as one such new location. Another is in the Port Henderson vicinity.

Meanwhile, Minister Al Khateeb said Saudi Arabian investors had interest in investments of sufficient size and funding needs. He also emphasised that given Jamaica’s history, location and international standing in the worldwide tourism industry, the country should look to establish investment destinations for very large tourism developments.

The ministers committed to establish a working group to be comprised of persons from both sides to discuss, agree and finalise a detailed approach to implement the key points of any future agreement.

Minister of Tourism Edmund Bartlett who invited and hosted Minister Al Khateeb also attended the investment discussions having held detailed talks on Jamaican Tourism resources and expansion and UN World Tourism Organization.

Ministers Bartlett and Hill met the Saudi Arabia Tourism Minister in Riyadh last month.

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REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]