KINGSTON, Jamaica -- Several major Jamaican banks have formed a venture capital fund to support the country's music industry.

Promoters said income from reggae music, currently $100 million a year, could grow bigger than the island's $750 million tourism industry.

Paul Chen-Young, chairman of Eagle Merchant Bank, said venture money could back an entertainment complex in Montego Bay, satellite facilities, a compact disc factory, and marketing.

Other supporters include National Commercial Bank, the island's largest, and Trafalgar Development, a private financier.

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