IDB loan to help Jamaica strengthen climate resilience

IDB loan to help Jamaica strengthen climate resilience

Wednesday, February 04, 2015

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JAMAICA will increase its resilience to climate change by enhancing the adaptive capacity of the agriculture and tourism sectors and watershed management, using a US$10 million highly-concessionary loan and a US$7,895,000 grant approved by the Inter-American Development Bank (IDB).

The project, the first adaptation programme implemented by the IDB under the Pilot Programme for Climate Resilience of the Climate Investment Funds, will help Jamaica mainstream climate change into its development planning, providing information on innovative approaches including climate financing.

The project will also generate and disseminate knowledge on adaptation measures and their costs and benefits. It will develop innovative financial mechanisms which will be made available to Government and the private sector, as well as to NGOs and community-based organisations.

With the programme, Jamaica will continue to be a leader in the field of climate change adaptation among Caribbean countries.

The US$10-million IDB loan, for a 40-year term, will have a 10-year grace period and a fixed interest rate of two per cent for the years 11 through 20, and four per cent for the years 21 through 40.


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