Gov’t to Launch Green Blue Fund

The Government is set to launch a new Blue Green Fund in the coming months as part of Jamaica’s overall disaster risk-mitigation strategy.

Minister of Water, Environment and Climate Change, Hon. Matthew Samuda, made the disclosure while addressing the National Disaster Risk Management Council Meeting at the Office of the Prime Minister (OPM) on Wednesday (May 27).

He said the financial instrument, set to be launched within 12 months, will form a major part of the Government’s strategy to provide the necessary financing needed to fund some of the essential agencies that are necessary for building out the country’s structural resilience.

This includes local authorities and agencies like the Rural Agricultural Development Authority (RADA) and Jamaica Social Investment Fund (JSIF).

“We hope to raise US$200 million that would be housed at the Development Bank of Jamaica (DBJ) that can finance projects that will facilitate your resilience, your infrastructure hardening.” Minister Samuda said.

The Minister shared that the fund will be used to finance building projects for things like shelters, water storage facilities for schools or other necessary interventions in partnership with local teams.

The Blue Green Fund will be financed by the Green Climate Fund (GCF), along with crowd financing from the European Investment Bank and bilateral partners in the United Kingdom (UK) and the United States (US).

Jamaica’s National Disaster Risk Management Council (NDRMC), formerly the National Disaster Committee, is the country’s senior advisory and policymaking body for disaster management.

The Council is responsible for coordinating national preparedness, response, and recovery efforts across all government, security, and civic sectors.