BOND ISSUE APPROVED FOR NROCC

June 18, 2010

BOND ISSUE APPROVED FOR NROCC

 Cabinet has given approval for the National Road Operating and Constructing Company Ltd (NROCC) to undertake a bond issue valued at 204 million Euros. This is a part of a proposal to refinance the loan made on its behalf by the Development Bank of Jamaica (DBJ).

This announcement was made by Minister with responsibility for Information, Daryl Vaz, at the Post Cabinet press briefing this week.

Under the proposal, DBJ will seek to refinance its arrangements with lending bank, Banco de Desarrollo Economico y Social de Venezuela (BANDES) for the full amount.

NROCC is the State-owned company that is responsible for the construction, operation, maintenance and financing of Highway 2000