Gov’t signs US$30-m loan agreement with World Bank
KINGSTON, Jamaica – The Government of Jamaica (GOJ) and the World Bank signed a loan agreement in the sum of US$30 million today at the Ministry of Finance and the Public Service.
According to a news release from the Finance Ministry, the loan agreement will be used for the Disaster Vulnerability Reduction Project (DVRP) and was signed on behalf of the Government of Jamaica by Minister of Finance and the Public Service Audley Shaw, and Galina Sotirva, Country Manager, on behalf of the World Bank.
“Jamaica is at particular risk to natural hazards due to its geophysical location. GOJ has long identified as a national priority, hazard risk reduction and adaptation to climate,” said Shaw.
This investment project is expected to aid the Government in addressing matters, such as disaster risk financing and insurance, disaster response and recovery, risk reduction and safer environments.
Shaw added that the loan agreement will also provide the Government with continued support for projects that explore solutions in mitigating environmental and hydro-meteorological disasters.
Jamaica is one of the most at risk countries in the world with high percentages of gross domestic product and population at risk to two or more hazards. According to data from the Planning Institute of Jamaica, Jamaica’s damage and losses were estimated at US$3.04 billion between 1988 and 2013.
