USD30 Million Loan for Jamaica
December 12, 2008 No. 33/08-BD USD30 MILLION CDB LOAN APPROVED FOR JAMAICA The Caribbean Development Bank (CDB) is to provide a loan, equivalent to USD30 million to the Government of Jamaica, to assist in financing the rehabilitation of the Kingston Metropolitan Area Drainage Network. The network was affected by Tropical Storm Gustav, which made landfall in Jamaica on August 27, 2008, and as a result, road access to some communities was cut, buildings were undermined and, in some cases, buildings collapsed into the drainage channels. This project includes demolition and removal of damaged retaining walls and base slabs, reConstruction of retaining walls and base slabs, backfilling, and restoration of adjacent properties. The Ministry of Transport and Works, through its National Works Agency, will implement the project. CDB regards the restoration and protection of vital infrastructure which contributes to Jamaica's national economy as the major benefit of the project. In addition, vulnerability to future natural disasters will be reduced and the country's productive capacity maintained.