Jamaica and the World Bank have signed a multi-million-dollar loan agreement to help the country deal with disaster risk financing and insurance, response and recovery, risk reduction and safer environments.
The loan which was signed today is valued at USD$30-million. It will go towards the Disaster Vulnerability Reduction Project.
In a statement this afternoon, Finance Minister Audley Shaw, says hazard risk reduction and adaptation to climate change are among Jamaica’s national priority.
He says the country is at risk to natural hazards due to its geo-physical location.
Minister Shaw says the loan will also provide support to the government to find 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, GDP, and population at risk to two or more hazards.
The Planning Institute of Jamaica, PIOJ, has estimated that between 1988 and 2013, the country suffered losses valued at more than USD$3-billion.