Washington, D.C., October 18, 2024 - Å·ÃÀÈÕb´óƬ and the Government of Jamaica signed a new investment agreement to enhance the waterfront in Jamaica¡¯s capital, Kingston. This $12 million funding will be used to develop an iconic, multiuse waterfront park, expand economic development opportunities, and strengthen capacity to attract private sector investments to the area.
Kingston - Jamaica¡¯s most densely populated city and the hub of the country¡¯s economic activity - faces significant challenges in terms of livability, climate resilience, and competitiveness. The historic core of the city, downtown Kingston and its waterfront, has been underutilized, exacerbating issues of crime, poverty, and inequality.
Recovering the Kingston Waterfront is crucial for expanding economic opportunities for local communities, improving quality of life, and fostering social cohesion in the area. Well-designed and maintained public spaces also enhance safety and contribute to a wide range of positive health and environmental benefits. Currently, the capital allocates just 11.3 percent of its urban areas to streets and open public spaces, falling short of the recommended 45¨C50 percent needed for the city to function effectively and equitably.
¡°This government is creating public spaces to serve the Jamaican people. This will revitalize downtown Kingston,¡± said Nigel Clarke, Jamaica¡¯s Minister of Finance and the Public Service. This project is a game changer, demonstrating how we¡¯re leveraging economic stability in the interest of the people. Lowering our debt is not an end in itself¡ªit is a means to improving the quality of life for Jamaicans. Alongside income growth, we must create environments that support a high quality of life, and public spaces like this are a crucial part of that vision.¡±
Phase one of the new will finance the design of a multi-use park along Kingston¡¯s waterfront. The park design will include recreational facilities such as bike paths, playgrounds, and sports grounds, along with street furniture and landscaping. It will also feature areas designed to manage excess water during floods and prioritize energy-efficient, low-carbon buildings, as well as onsite renewable energy generation. Further, the new public space will include adaptable market and event spaces for art and entertainment, providing local entrepreneurs with income-generating opportunities. The waterfront park is expected to catalyse development in the area, attract private investment and contribute to the revitalization of the city¡¯s urban core.
¡°Urban renewal in downtown Kingston can be transformational ¨C it is not just about rebuilding infrastructure; it's about creating thriving neighborhoods that inspire economic prosperity. We hope that this project will be able to contribute to this vision through job creation, youth empowerment, and community engagement,¡± said Lilia Burunciuc, World Bank Director for the Caribbean.
The initial phase of the project will also provide skills and knowledge transfer programs to support economic growth. Local entrepreneurs will receive training in business plan development, operations, accounting, marketing, human resources, and finance, among others. Additionally, businesses will receive in-kind support through equipment upgrades, specifically targeting energy-efficient appliances. Emphasis will also be placed on at-risk youth.
Phase 1 of the project is scheduled to take place from 2024 to 2029 while phase 2, which will run from 2025 to 2030 with an estimated budget of $28 million, will focus on the park's construction, small-scale infrastructure works, and urban upgrading. Combined, the two phases of the project are expected to benefit over 700,000 Jamaicans.
The Kingston Waterfront Improvement (KIWI) Project is supported by technical assistance in the frame of the European Union-funded , managed by the .
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