GOJ Signs US$30 million Dollar Loan Agreement

The Government of Jamaica (GOJ) and the World Bank signed a Loan Agreement in the sum of Thirty Million United States Dollars (US$30,000,000) today at the Ministry of Finance and the Public Service. The Loan Agreement will be used for the Disaster Vulnerability Reduction Project (DVRP) and was signed on behalf of the Government of Jamaica by the Minister of Finance and the Public Service, the Hon. 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. This 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 Loan Agreement will also provide GOJ with continued support for projects that explore solutions in mitigating against environmental, and from hydro-meteorological disasters" Minister Shaw said.

Jamaica is one of the most at risk countries in the world with high percentages of Gross Domestic Product (GDP) and population at risk to two or more hazards. Data from the Planning Institute of Jamaica (PIOJ), Jamaica’s damages and losses were estimated at US$3.04 Billion between 1988 and 2013. Jamaica’s economic assets including its commercial, tourism, agricultural, health and fisheries sectors, water and natural resources and other industrial assets are particularly vulnerable, and are constantly exposed to such high risk eventualities.

Hydro-metrological disasters could potentially displace many Jamaicans whose livelihood is dependent upon the agriculture, tourism and fisheries industries. The Jamaican populace, especially those who work in and reside in densely populated areas could also be physically displaced due to the risk of flooding.

The purpose of the DVRP is to support the enhancement of Jamaica’s resilience in the areas of disaster and climate risk management. The Project consists of the following four (4) components: Technical Assistance for Improved Disaster and Climate Resilience, Risk Reduction, Contingent Emergency Response Component (CERC), and Project Administration. DVRP will be implemented through the Jamaica Social Investment Fund (JSIF).

Hydrometeorology is a phenomenon of atmospheric, hydrological or oceanographic nature which may result in loss of life, injury or other health impacts, property damage, loss of livelihoods and services, social and economic disruption, or environmental damage. Jamaica is prone to these risks; thunderstorms, floods including flash floods, hurricanes, coastal storm surges, droughts and heat waves.
 


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