Ja­maica will re­ceive up to US$6.7 bil­lion over three years from five in­ter­na­tion­al fi­nan­cial in­sti­tu­tions to sup­port re­cov­ery and re­con­struc­tion af­ter Hur­ri­cane Melis­sa. The pack­age was con­firmed af­ter a re­quest from Prime Min­is­ter An­drew Hol­ness and will in­volve CAF – De­vel­op­ment Bank of Latin Amer­i­ca and the Caribbean, the Caribbean De­vel­op­ment Bank, the In­ter-Amer­i­can De­vel­op­ment Bank Group, the In­ter­na­tion­al Mon­e­tary Fund, and the World Bank Group.

The sup­port will com­bine emer­gency fi­nanc­ing, sov­er­eign loans, grant fund­ing and pri­vate sec­tor in­vest­ment. Prime Min­is­ter Hol­ness is ex­pect­ed to hold a call with rep­re­sen­ta­tives from the in­sti­tu­tions to dis­cuss im­ple­men­ta­tion.

Ja­maica ac­cessed US$662 mil­lion through its dis­as­ter risk fi­nanc­ing frame­work. This in­clud­ed US$37 mil­lion from the Gov­ern­ment’s Con­tin­gency Fund and Na­tion­al Nat­ur­al Dis­as­ter Re­serve Fund, US$91 mil­lion from the Caribbean Cat­a­stro­phe Risk In­sur­ance Fa­cil­i­ty, US$150 mil­lion from the World Bank Group cat­a­stro­phe bond, US$300 mil­lion from the IDB con­tin­gent cred­it fa­cil­i­ty, and US$42 mil­lion un­der the World Bank Group Cat­a­stro­phe De­ferred Draw­down Op­tion, which can ex­pand to US$84 mil­lion.