May 7, 2008
Jamaica to divest national airline
“We believe that it will be in the best interest of Air Jamaica and for Jamaica for this divestment process to go through as quickly as possible”
Jamaica signed an agreement with a U.S. federal trade agency Monday to get its debt-ridden national airline off its books by 2009.
The Caribbean island will collect a US$820,000 (euro530,401) grant from the U.S. Trade and Development Agency to help reduce its investment in state-owned Air Jamaica _ which Prime Minister Bruce Golding has called as a significant drag on the national budget.
Jamaican Sen. Don Wehby, who holds a senior position in the Ministry of Finance and Public Service, said the U.S. grant would allow Jamaica to shed all holdings in the airline by March 2009. Read more
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