Energy Minister, Daryl Vaz has defended the Government’s decision to lend the Jamaica Public Service (JPS), US$150 million, stating, that this is in the best interest of Jamaicans following the passage of Hurricane Melissa.
JPS said it needs some US$350 million to finance its restoration efforts.
Mr. Vaz announced the Government’s 5 year loan to JPS in parliament yesterday.
The opposition has called for clarity on the loan, and has noted that the interest rate has not been disclosed.
Speaking at a press briefing this morning, Mr. Vaz said the decision was taken to ensure that Jamaicans in hardest hit areas who are suffering without electricity will be able to reconnect to the grid sooner.
Mr. Vaz said the main priority of hurricane recovery is power restoration.
He said the JPS will likely receive another US$50 million, following an application to the office of utilities regulation.