Jamaica Secures $6.7 Billion for Post-Hurricane Reconstruction

Jamaica has secured $6.7 billion in international support to fund reconstruction after Hurricane Melissa. Funding will come from several international financial institutions, including sovereign and private-sector financing. The hurricane caused significant damage with catastrophic flooding and landslides, affecting thousands of buildings.

In a major financial relief package, Jamaica has secured up to $6.7 billion in international support over the next three years. This funding is crucial to aid reconstruction efforts following the devastating impact of Category 5 Hurricane Melissa, which struck the island nation in October.

The funding originates from prominent financial institutions, including the Development Bank of Latin America and the Caribbean (CAF), the IMF, the World Bank, the Caribbean Development Bank, and the Inter-American Development Bank Group. Of the total package, up to $3.6 billion could be allocated in sovereign financing for the Jamaican government's recovery initiatives.

The devastation left by Hurricane Melissa was cataclysmic, with Jamaica experiencing 30 inches of rain, catastrophic flooding, and landslides that led to an estimated $10 billion in damages and affected nearly 200,000 buildings. Efforts are now underway to mobilize an additional $2.4 billion in private investment to bolster reconstruction.

(With inputs from agencies.)