By McPherse Thompson, Staff ReporterTHE SCOTIABANK Jamaica Foundation will be spending $25 million to establish a maternal and child care centre as part of Government's recently announced plans to redevelop the downtown Kingston business district.
Bank of Nova Scotia managing director, William Clarke, said the Foundation, the philanthropic arm of the bank, will construct and equip the centre this year. It will be targeted to women as well as children up to age 10, who reside in the communities of downtown Kingston.
Mr. Clarke made the announcement while addressing shareholders during the Bank's annual general meeting at the Pegasus Hotel in New Kingston last Friday.
He also revealed the new contribution of the Scotiabank Founda-tion against the background of recent comments by Michael Lee-Chin, chairman of the National Commercial Bank (NCB) and Canadian mutual fund company AIC, who said foreign-owned businesses in Jamaica should start reinvesting their profits here.
Without naming Mr. Lee-Chin or NCB, the BNS managing director, in outlining some of the Bank's contribution to the development of Jamaica, said "Scotiabank's contribution to the development of Jamaica cannot be matched by any other corporation at present or in the foreseeable future."
(See Friday's Financial Gleaner for the full story on Mr. Clarke's comments on repatriating profits).
Mr. Clarke said the centre will be a modern and centrally-located facility that will allow access "by the residents of all the communities of downtown Kingston."
In addition, he said, "it will be equipped with critical life saving equipment to ensure efficiency in health care delivery."
Land for the facility is to be provided by the government and a site is now being identified.
Scotiabank Jamaica Foundation has decided to construct the centre against the background of an initiative recently launched by Prime Minister P. J. Patterson for the redevelopment of downtown Kingston.
