Finance
JAM | Jul 23, 2021

World Bank commits to supporting a resilient recovery for Jamaica

/ Our Today

administrator
Reading Time: 3 minutes
Carlos Felipe Jaramillo, the World Bank’s Regional Vice President for Latin America & the Caribbean Region in dialogue with Prime Minister Andrew Holness during his three-day visit to the island. (Photo: Twitter CF_Jaramillo)

The World Bank’s Regional Vice President for Latin America and the Caribbean, Carlos Felipe Jaramillo, completed a three-day visit to Jamaica yesterday (Thursday, July 22).

This was his first official visit within the region since being appointed to the post in May last year. Lilia Burunciuc, the recently appointed Country Director for Caribbean countries, accompanied him on the visit. Burunciuc will be based in Kingston, Jamaica.

While on the island, Jaramillo and the World Bank team met with Prime Minister Andrew Holness and key members of the Jamaican Cabinet including Finance and the Public Service Minister Dr Nigel Clarke.

He also held meetings with international development partners, members of the private sector, as well as with young professionals and women leaders.

Among the areas discussed during the visit were digital transformation, reimagining education, increasing climate resilience, improving linkages between agriculture and the tourism sector, as well as urban resilience.

“Over the past years, Jamaica has made great strides in its development priorities. The macroeconomic situation is more stable, poverty and inflation have decreased and unemployment numbers hit record lows before the impact of COVID-19. Despite the setbacks caused by the pandemic, Jamaica’s economic management is an example for others in the region,” said Carlos Felipe Jaramillo.

Prime Minister Andrew Holness (third left) smiles during a photo op at Jamaica House after a high-level meeting with representatives from the World Bank on Wednesday (July 21). Carlos Felipe Jaramillo, the World Bank’s Regional Vice President for Latin America & the Caribbean Region is also flanked by Country Director for Caribbean Countries Lilia Burunciuc, who will now be based in Kingston as the bank’s regional headquarters. Also present are Finance Minister Nigel Clarke, Commerce Minister Audley Shaw, Foreign Affairs Minister Kamina Johnson Smith, Education Minister Fayval Williams and high-ranking officials from the Office of the Prime Minister (OPM). (Photo: Twitter @AndrewHolnessJM)

Jaramillo also had the opportunity to visit the World Bank-funded Port Royal Street Coastal Revetment Project, which will add shoreline protection to enhance Jamaica’s resilience to disasters and climate hazards. When completed, the project will also provide space for fisherfolk to continue to earn a living and provide the community with much-needed recreational space.

Since 1964, the World Bank Group has provided more than US$3 billion in development policy and investment financing to Jamaica.

The World Bank’s programme in Jamaica currently includes nine projects that address private sector-led growth, climate change adaptation and mitigation, human capital development, fiscal sustainability, private sector strengthening, and public sector transformation.  

During the visit, it was announced that the World Bank had priced a catastrophe bond that will provide the Government of Jamaica with financial protection of up to US$185 million against losses from named storms for three Atlantic tropical cyclone seasons ending in December 2023.

Finance Minister Nigel Clarke speaking with Carlos Felipe Jaramillo, the World Bank’s Regional Vice President for Latin America & the Caribbean Region alongside Country Director for Caribbean Countries, Lilia Burunciuc. (Photo: Twitter CF_Jaramillo)

It was also announced that the World Bank is expanding its presence in the region.

The World Bank’s regional office for the Caribbean will now be based in Kingston.

Comments

What To Read Next