Jamaica Set to Divest Ownership in Air Jamaica

Jamaica has reportedly signed an agreement with a U.S. federal trade agency to get its debt-ridden national airline off its books by 2009. Jamaica will collect an $820,000 grant from the U.S.

Trade and Development Agency to help reduce its investment Air Jamaica - which Jamaica has called a significant drag on its national budget. The divestiture will reportedly take place by March 2009.

Air Jamaica has cost the country millions of dollars since 2004, when the government took over and began restructuring the airline. The carrier has eliminated routes and laid off workers in an effort to turn a profit.