Inadequate!

Real estate and infrastructural development financier MoneyMasters Limited has called for g overnment to pump greater levels of investment in the development of public infrastructure across the island, which it says could help to drive increased economic activities across cities.

President of MoneyMasters Claudette Crooks, speaking at a quarterly investment forum held by the company last week, said that while there have been significant improvements in public infrastructure, there is much more that needs to be done with greater focus in some areas.

“MoneyMasters certainly recognises that infrastructural planning in Jamaica can be improved. That problem was partially addressed with the construction of the major highways and road widening projects. We still have that significant problem at the macro level when it comes to water and sewage infrastructure. If Jamaica is to become a First World country, we have to put in the infrastructure which will in turn allow for greater capital investment and greater efficiency,” she said.

“The primary thing that needs to be looked at now is to focus first on upgrading existing infrastructure so as to facilitate modern development. I think the last time an overhaul of infrastructure was done in terms of sewage and water was in the 1940s, this has since continued with a piecemeal type approach over the number of years. I don’t believe that a full assessment as to what upgrades are needed, based on the changes required to build a modern society has been done recently,” she further said in an interview with the Jamaica Observer on Monday.

Government in its recently tabled budget has announced an over $31 billion in allocation towards infrastructure programmes, about $8 billion of which it intends to reserve for special public investment infrastructure programme to improve productivity and increase resilience through the installation of drains, water, waste water and sewerage infrastructure, and also the widening or major roadways.

She said that amid growing criticisms over an influx of high-rise and real estate developments seen across Corporate Area recently, it was the crafting of proper solutions to support the development outcomes that was most lacking.

“If Jamaica is going to develop in an efficient economy, we have to begin to look at citizens having access to first-class infrastructure. I believe the city must be well planned with modern buildings, some of which will be high rises, the State must, however, put in the adequate infrastructure which in the long run would cost us less to properly plan how the country is laid out,” she told the Business Observer.

“It is important that as players in the construction industry, we are not just looking at profits, but we are building an industry that will have sustainable growth for the next 25 to 30 years and will attract foreign direct investment from the global citizen,” she also said.

Noting the presence of economic activity and modern development as a pull factor for migration, Crooks believes that Government should seek to put in infrastructure to facilitate growth in other towns and cities outside the metropolitan areas.

“Infrastructure is such a critical component of economic growth which has implications across a number of development areas. It is also very important as it relates to productivity, this, as based on how effective an infrastructure is what will determine the pace at which people are able to move about and get things done. The infrastructure aspect of any country is therefore very important and must be placed as priority if that country intendeds to grow and have sustainable growth,” she stated.

Touting the work of her company’s real estate and infrastructure subsidiary, Money Masters Real Estate & Infrastructure Investments Limited (MMREIF), which was launched in 2020, Crooks said the entity outside of its chief role as financier has been very instrumental in helping developers to create first world sewage and waste management system projects.

“We established the MMREIF because we want to see our developers get an attractive return on their investments. As partners, we are however not just interested in funding these developments, we also offer the capacity to structure what is best for you as a developer and ensure that your project meets not just municipal, but world standards for quality and sustainability,” she said.

MMREIF, which up to late last year said it would over the next five years invest billions in a number of real estate projects in Montego Bay, said it has also been working to complete and fund several other projects, including those around infrastructural developments.

“This is an area that we are committed to, and an area that we believe can contribute to the growth and development of the country. We are absolutely committed to continuing on the path that we have started and to grow and expand while doing so,” she said to the Business Observer.