Coupled with this, Moreno declared that the investment being made by the bank in support of the construction of the Marriot Courtyard Hotel in New Kingston, the Jamaican capital's commercial district.
That property is being developed by a group of local investors and supported by the IDB. It is being constructed at a cost of J$1.75 billion, and is expected to provide employment for 430 employees when opened next summer.
Mr. Moreno said the IDB firmly believes in Jamaica and will give it the support needed.“We put our money where our mouth is. We have US$1.3 billion here in Jamaica … so we believe in Jamaica,” he stressed.
Speaking on Friday, December 19, at a ground-breaking ceremony for the US$13 million energy efficient building at 6 Montrose Avenue in Kingston, Mr. Moreno said “We started here 45 years ago and I think this is now the beginning of a new (chapter) for the IDB in Jamaica. A time when we will not only be making a very big investment in terms of our lending, but also this building where we will be investing over US$10 million,” he said.
The President said the new building, which is slated to be completed in 2017, will boast Leadership in Energy and Environmental Design (LEED) certification and will be a model for future IDB offices worldwide.
For her part, Prime Minister, the Most Hon. Portia Simpson Miller, expressed gratitude to the IDB for its continued assistance over the years.
She also pointed out that construction of the new country office in Jamaica will undoubtedly redound to the benefit of the Jamaican people and the wider region.
In the meantime, Chief, Corporate Real Estate, IDB, Brett Copeland, in an interview with JIS News said the energy efficient building will set a high standard for energy conservation, water efficiency and overall environmental sustainability.
He informed that the estimated cost of US$13 million includes the purchase of the land, permit fees, design, construction and furnishings. Mr. Copeland also noted that the IDB has committed to employing only local consultants and contractors for the project.
“Our project consulting group is New Stone Ltd, which is a local project management company and our architecture and engineering team is EPEC Ltd.,” he said.
Construction for the building will commence July 2015, with a completion date of January 2017.
“We are mindful of our location in Kingston and so this is going to be a design that is residential in scale. This isn’t going to be a large building, but we are going to also be very focused in reflecting Jamaican or indigenous designs,” he explained.