Jamaica benefitted significantly from PetroCaribe

KINGSTON, Jamaica, CMC - Jamaica has received US$2.4 billion in funding support from Venezuela under the PetroCaribe agreement, since the facility was established in 2005.
Chief Executive Officer of the PetroCaribe Development Fund (PDF), Dr. Wesley Hughes, says the funds, allocated between July 2005 and January 2013, have financed projects, spearheaded at the community and national levels.
He said that the US$2.4 billion is a loan allocation spanning 25 years at one per cent per annum, with a two-year grace period and described it as a “significant amount of assistance” to Jamaica by the Venezuelan government, and late President, Hugo Chavez, in particular, to whom he said Jamaica owes a debt of gratitude.