Negotiations are underway for phase-one of the rehabilitation of the railway service from Montego Bay, St. James, to Appleton Estate in St. Elizabeth.
According to the 2019/20 Public Bodies Estimates of Revenue and Expenditure, the project, which is expected to commence during the fiscal year, will be pursued under a joint-venture arrangement between the Jamaica Railway Corporation (JRC) and private investors.
In addition to the revitalisation of the rail service, the JRC's operations during the new fiscal year will be focused on increasing revenue from rental or lease, concluding ongoing land-sale transactions to support privatisation and operational activities, and contractual responsibilities under the Track User Agreement with Rusal Jamaica/WINDALCO.
The JRC is projecting net profit of $17.88 million during the 2019/20 financial year as against $13 million in the previous twelve months.
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