First adaptation project approved under the Pilot Program for Climate Resilience
Jamaica will increase its resilience to climate change by enhancing the adaptive capacity of the agriculture and tourism sectors and watershed management, using a US$10 million highly concessionary loan and a US$7,895,000 grant approved by the Inter-American Development Bank (IDB). This project is the first adaptation program implemented by the IDB under the Pilot Program for Climate Resilience of the Climate Investment Funds.
The project will help Jamaica mainstream climate change into its development planning, providing information on innovative approaches including climate financing.
The project will also generate and disseminate knowledge on adaptation measures and their costs and benefits. It will develop innovative financial mechanisms which will be made available to governments and the private sector, as well as to NGOs and community-based organizations.
Thanks to this program, Jamaica will continue to be a leader in the field of climate change adaptation, setting an example for other Caribbean countries.
The US$10 million IDB loan, for a 40-year term, will have a 10-year grace period and a fixed interest rate of 2 percent for the years 11 through 20, and 4 percent for the years 21 through 40.
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