Economy|BanksJamaica secures $6.7bn for hurricane recovery and reconstruction planUp to $3.6bn in government financing included, with major contributions from global financial institutions.
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 .
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.
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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.
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 .
“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.”
Advertisement Hurricane Melissa brought damages equivalent to 30 percent of Jamaica’s gross domestic product (GDP), according to the United Nations Development Programme (UNDP).
Melissa was the strongest storm to hit the island nation in more than 170 years.
The storm spread nearly five million tonnes of debris, creating road blockages and disrupting access to basic services. The official death toll in Jamaica a week after its passage stood at 32 people.
Based on reporting by Al Jazeera.
