WASHINGTON, United States — The World Bank has approved financing of US$150 million for the Jamaica COVID-19 Response and Recovery Development Policy Loan.

According to the bank, this quick-disbursing financing will help the government protect the poor and vulnerable, support sustainable business growth and job creation, and strengthen policies and institutions for resilient recovery.

“COVID-19 has had widespread socio-economic impacts and affected every Jamaican, especially the most vulnerable. This financing contributes to Jamaica’s efforts to manage the impact of the crisis and move forward towards a resilient recovery. The operation supports the expansion of the country’s social protection programmes to benefit women and men disproportionately affected by the crisis and introduces a social pension for the elderly. It also supports measures for the recovery of affected businesses,” said Ozan Sevimli, World Bank resident representative for Jamaica and Guyana.

Noting that the COVID-19 pandemic has led to Jamaica’s deepest economic contraction in decades due in part to the drop in tourism earnings, which account for more than 30 per cent of Gross Domestic Product, and one third of jobs, the bank said the loan also includes initiatives to help firms cope with the economic shock, such as through measures like the provision of grants and cash transfers to affected businesses.

It will support reforms to strengthen financial institutions for sustainable economic recovery and greater climate resilience and support Jamaica’s climate change priorities, including the adoption of stronger commitments on greenhouse gas emissions, the bank said.