The World Bank has 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.

World Bank’s Regional Vice President for Latin America and the Caribbean, Carlos Felipe Jaramillo, announced details of the bond during a three-day visit to the island.

The World Bank also announced that it is expanding its presence in the region, with its regional office now based in Kingston.

Lilia Burunciuc, the recently appointed Country Director for Caribbean countries, will work from the Kingston office.

While in Jamaica, Jaramillo and the World Bank team met with Prime Minister Andrew Holness and key cabinet ministers, including the Minister of Finance and the Public Service Dr Nigel Clarke.

MORE