Jamaica’s highway network is about to get some major upgrades, especially on the north coast. But what does that mean for you and your money?
Prime Minister Andrew Holness made several announcements about the nation’s highways, during his budget speech last week.
If you use the Angels Toll Plaza in St Catherine, then you know it's always busy. The PM says three more lanes are being added to improve traffic. They’re also adding extra lanes to the Vineyards toll plaza.
Eventually, TransJam plans to implement open road tolling which would allow vehicles to be charged electronically without having to stop at a toll booth. The new Montego Bay perimeter road will be the first toll road to have that feature.
Speaking of which, the PM said the Montego Bay perimeter road, which includes the Long Hill bypass, is now about halfway complete. This will be a four lane highway, including the Montego Bay River Bridge, which according to the PM is the highest and longest bridge in Jamaica.
And since we’re talking about the north coast, the government will extend the North South toll road from Mamee Bay to Discovery Bay, allowing you to bypass all the traffic at Drax Hall. Phase 2 will also see an extension eastward to Prospect in St. Mary.
Meanwhile, in the south, The PM said that the Southern Coastal Highway Improvement Project is now 95 percent complete. The remaining segments, Yallahs Bridge to Port Antonio and Morant Bay to Cedar Valley should be done by June - so about three months.
But what does all of this mean for you? Well, smoother traffic flow will increase productivity, reduce frustration and positively impact productivity. It will make logistics easier for companies that ship islandwide. And it will make travel easier and faster for tourists and businesspeople.
If you’re a stock market investor, the TransJam announcements are good news for you. More lanes means more traffic and more money. Speaking of which, the Prime Minister announced that NROCC’s offer for sale for TransJam was oversubscribed and raised 12 billion dollars.
The stock’s price ended the week at 4 dollars 22 cents, which is well above the three dollars 60 cents price on the offer.
And that’s the bottom line.