Jamaica secures $6.7bn for hurricane recovery and reconstruction plan | Banks News

Government financing includes up to $3.6 billion, with major contributions from global financial institutions.

Jamaica has secured up to $6.7 billion in support from international agencies to rebuild over the next three years in the wake of Hurricane Melissa in October.

Melissa, one of the most powerful hurricanes ever to hit the Caribbean, caused devastating flooding and landslides with about 76 cm (30 in) of rainfall when it hit Jamaica in October, causing an estimated $10 billion in damage.

The assistance will come from 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.

The new package includes up to $3.6 billion of government financing, with the largest contribution 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 $1 billion.

“Recovery will require significant resources and long-term investment. Comprehensive recovery planning is already underway, focusing on key priorities and strengthening Jamaica’s resilience,” the written comment said.

“By combining strong financial instruments, technical guidance and a shared commitment to building back better, Jamaica is well-positioned not only to restore what was lost but also to strengthen its resilience to future disasters. Continued partnerships and innovation will remain central as Jamaica builds a stronger, more resilient future for all its citizens.”

According to the United Nations Development Program (UNDP), Hurricane Melissa caused losses equivalent to 30 percent of Jamaica’s gross domestic product (GDP).

Melissa was the most powerful hurricane to hit the island nation in more than 170 years.

The storm dumped nearly five million tons of debris, blocking roads and disrupting access to basic services. The official death toll in Jamaica a week after its passage was 32 people.