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Gov't sign $30 million loan agreement

Published:Friday | July 1, 2016 | 7:52 PM

The Government of Jamaica and the World Bank today signed a $30 million loan agreement for a project aimed at increasing Jamaica’s resilience to disasters.

The agreement for the Disaster Vulnerability Reduction Project was signed today at the Ministry of Finance and the Public Service. 

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.

Data from the Planning Institute of Jamaica puts Jamaica’s losses resulting from disasters at an estimated $3.04 billion between 1988 and 2013.

Finance Minister Audley Shaw who signed on behalf of Jamaica, says the investment project will aid the government in addressing matters, such as disaster risk financing and insurance, disaster response and recovery, risk reduction and safer environments.

The Project consists of four components.

These are Technical Assistance for Improved Disaster and Climate Resilience; Risk Reduction; Contingent Emergency Response; and Project Administration.

The project will be implemented through the Jamaica Social Investment Fund.