A grouping of global multilateral financial agencies is teaming up to raise billions in hurricane relief for Jamaica, which has suffered from consecutive years of battering from Atlantic storms.
The consortium includes the Development Bank of Latin America and the Caribbean (CAF), the Caribbean Development Bank (CDB), the Inter-American Development Bank (IDB), the International Monetary Fund (IMF), and the World Bank Group.
Top officials have met in recent days to develop a strategy to help Jamaica recover from Superstorm Melissa, which has caused nearly $9 billion in damage to some of the island’s northern and western parishes as it made landfall in late October. The storm also caused severe damage in neighboring Haiti and Cuba.
For Jamaica, this was the second consecutive year that a powerful storm had come calling, as some communities were still recovering from the rebel storm Beryl in 2024. Beryl had astonished experts worldwide by gaining full strength by the end of June, less than four weeks after the official start of the annual hurricane season, as history has shown that most formation and development occur after August.
Hurricane Beryl first made regional landfall mostly in Grenada’s sister islands of Petite Martinique and Carriacou, before also touching neighboring St. Vincent and Barbados, and then heading north to Jamaica. Regional governments have organized a Herculean effort to assist Grenada, just as they have done this time around for Jamaica.
The grouping stated in a press release that the package was compiled at the request of Prime Minister Andrew Holness, who has faced some criticism for the response efforts to affected communities, particularly in the main tourism areas, such as Montego Bay in St. James.
The banks said that “the package combines emergency financing, new sovereign support, grants, and private-sector mobilization to help Jamaica rebuild stronger and enhance long-term resilience. This coordinated effort reflects a unified commitment to help Jamaica pursue a fiscally responsible, long-term recovery through a combination of emergency preparedness financing, sovereign financing, grant support, and private sector investments.
The announcement comes ahead of the call Prime Minister Holness will hold with representatives from the international financial institutions to discuss implementation plans,” a release stated.
The banks say they are eying an almost immediate support package of US$3.6 billion for recovery and reconstruction efforts over the next three years. The breakdown is segmented with $1 billion from the CAF, $200 million from the CDB, $1 billion from the IDB, and $1 billion from the World Bank, while noting that Jamaica has Jamaica has asked for special access under the large natural disaster window of the Rapid Financing Instrument (RFI) amounting to a loan of up to $415million.
“The World Bank Group, CAF, CDB, IDB Group, and IMF remain committed to ensuring that Jamaica’s recovery is grounded in a comprehensive and collaborative approach that leverages both international partnership and private sector engagement. By combining robust financial instruments, technical guidance, and a shared commitment to building forward better, Jamaica is well-positioned not only to restore what was lost but also to strengthen its resilience to future disasters. Continued partnership and innovation will remain central as Jamaica charts a stronger, more resilient future for all its citizens,” the grouping stated this week.
