PM Holness signs energy cooperation framework with US treasury department

Prime Minister Andrew Holness and U.S. Secretary of the Treasury Steven T. Mnuchin on Wednesday signed an Energy Framework to foster cooperation on energy and infrastructure investment in Jamaica.

Prime Minister Holness and Secretary Mnuchin signed the Framework to Strengthen Infrastructure Investment and Energy Cooperation at the U.S. Department of the Treasury. The Framework is part of a U.S. initiative called America Crece, or the Americas Grow.

In that regard, Prime Minister Holness expressed gratitude to the US Treasury Department for its support.

“Thank you to the Treasury Department for your strong support in assisting Jamaica in doing what we’ve done in terms of our fiscal turnaround and our economic reforms. We are also very thankful for the understanding and facilitation that you’ve given us in other critical regional matters. It means a lot to us and as we look to strengthen our relationship we welcome deepening partnership in energy,” said Prime Minister Holness.

Under the Framework, the two countries will cooperate to:

• Further, diversify Jamaica’s sources of energy to power the country’s economic growth;
• Integrate cleaner energy sources, including natural gas and renewable energy, furthering Jamaica’s environmental goals and making Jamaica’s economy more competitive;
• Accelerate Jamaica’s adoption of innovative power technologies, including renewables and related micro-, mini-grid and battery storage systems;
• Increase Jamaica’s energy resiliency through energy source integration and catalyzing investment in rural areas and at critical infrastructure facilities; and
• Enhance the reliability, resilience, and efficiency of the national energy systems.

“This initiative marks a major advancement for the U.S. and Jamaica that will yield additional investment and export opportunities for both countries. Additionally, the Framework provides a foundation for Jamaica to play a pivotal role in regional Caribbean energy growth, integration, and security. The agreement will help catalyze private sector capital for investments across the energy value chain, including upstream energy production, power generation, transmission, and distribution,” said Secretary Mnuchin.