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Jamaica receives $6.7 billion in funding from agencies to rebuild after Hurricane Melissa

Jamaica has received up to $6.7 billion from international agencies for reconstruction in the aftermath of Hurricane Melissa.

Melissa, one the strongest hurricanes to ever hit the Caribbean, caused catastrophic flooding and landslides in Jamaica with 30 inches of rain (76 cm). The damage was estimated at $10 billion.

In a statement released on Monday, the agencies stated that they will receive support from the Development Bank of Latin America & the Caribbean CAF (the Development Bank), the IMF, World Bank, Caribbean Development Bank CDB and Inter-American Development Bank.

They said that up to $3.6 billion could be available as sovereign financing for Jamaica's government's recovery program and reconstruction.

This amount includes up to $1 billion from each of the CAF, IDB, and World Bank. $200 million comes from the CDB, and $415 million could come from the International Monetary Fund through its Rapid Financing Window for Natural Disasters.

The institutions stated that their divisions, IDB Invest IFC and MIGA are working on providing an initial $2.4 Billion in private investment to rebuild.

The statement added that the disaster-risk funding framework in Jamaica had enabled $662 million of the domestic contingency fund, insurance payouts, and contingent credit lines to be allocated as urgent needs.

They said that an additional $12 million had been raised in grants from the IDB and the World Bank to help with recovery efforts. (Reporting and writing by Zahra Burton, editing by Aida Pelaez Fernandez, Alexander Smith, and Natalia Siniawski)

(source: Reuters)