World Bank Signals Likely Relief For Jamaica Post-Melissa
• The World Bank expects a payout from Jamaica’s catastrophe bond after Hurricane Melissa caused major damage.
• A broad financial aid package, including emergency funding and private-sector support, is being prepared by the World Bank.
• The funds are expected to aid Jamaica's recovery and strengthen its long-term resilience to climate-related events.
World Bank to pay out catastrophe bond
The World Bank anticipates a forthcoming payout from Jamaica's $150 million IBRD CAR 2024 catastrophe bond in the wake of Hurricane Melissa, which inflicted significant damage across the island. As the facilitator behind the development and issuance of this bond, the World Bank is formulating an extensive financial assistance package that encompasses both emergency funding and support for the private sector.
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