Jamaica has secured up to $6.7bn in support from international agencies to fund reconstruction over the next three years in the wake of Hurricane Melissa in October.
Melissa, one of the strongest storms on record to make landfall in the Caribbean, unleashed catastrophic flooding and landslides with some 76cm (30 inches) of rain when it struck Jamaica in October, causing damage estimated at $10bn.
The support will come from the CAF-Development Bank of Latin America and the Caribbean, the International Monetary Fund, the World Bank, the Caribbean Development Bank and the Inter-American Development Bank Group, the institutions said in a joint statement.
Included in the new package is up to $3.6bn in government financing, with the largest contributions coming from the CAF-Development Bank of Latin America and the Caribbean, the Inter-American Development Bank and the World Bank, each providing up to $1bn.
“Recovery will require significant resources and long-term investments. Comprehensive recovery planning is already underway, focusing on critical priorities and reinforcing Jamaica’s resilience,” the written remarks read.
“By combining robust financial instruments, technical guidance, and a shared commitment to building forward better, Jamaica is well-positioned not only to restore what was lost but also to strengthen its resilience to future disasters. Continued partnership and innovation will remain central as Jamaica charts a stronger, more resilient future for all its citizens.”
Hurricane Melissa brought damages equivalent to 30 percent of Jamaica’s gross domestic product (GDP), according to the United Nations Development Programme (UNDP).
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