Jamaica Secures $6.7 Billion for Post-Hurricane Melissa Reconstruction

Jamaica has obtained up to $6.7 billion from international agencies to aid recovery following Hurricane Melissa, one of the strongest storms in the Caribbean's history. The funding package includes sovereign financing and private investment to support reconstruction efforts over the next three years.

In the aftermath of Hurricane Melissa, Jamaica has procured a substantial $6.7 billion in international aid to facilitate recovery efforts. The storm, noted as one of the most potent in Caribbean history, inflicted severe flooding and landslides, accounting for damages estimated at $10 billion.

This financial backing comes courtesy of institutions like the Development Bank of Latin America and the Caribbean CAF, the International Monetary Fund (IMF), and the World Bank. Of the total aid, $3.6 billion is set aside for sovereign financing, crucial for the Jamaican government's reconstruction initiatives.

Additionally, agencies such as the IDB Invest, IFC, and MIGA are channeling $2.4 billion in private investments. Jamaica's framework for disaster-risk financing has facilitated the allocation of $662 million for immediate relief, with a further $12 million in grants from the World Bank and CAF bolstering recovery efforts.

(With inputs from agencies.)