Holness hails ‘historic’ US$6.7b reconstruction package assembled by international financial bodies
Published:Wednesday | December 3, 2025 | 12:09 AMKaren Madden/Gleaner Writer
Prime Minister Dr Andrew Holness is describing as “historic” the US$6.7-billion reconstruction package assembled by five international financial bodies to help Jamaica rebuild following the devastation sustained as a result of Hurricane Melissa on October 28.
Addressing the House of Representatives yesterday, the prime minister declared it “the single largest and most comprehensive development financial package ever put together for the island”.
On Monday, the Government revealed that the Development Bank of Latin America and the Caribbean (CAF), the Caribbean Development Bank (CDB), the Inter-American Development Bank (IDB), the International Monetary Fund (IMF), and the World Bank had assembled the funds, which include emergency-response financing, sovereign loans, grants, and private-sector investments over the next three years.
Holness said the unprecedented level of support represents a decisive global commitment to rebuilding Jamaica after the Category 5 storm that slammed into the western end of the island leaving dozens dead and millions of dollars in damage to homes and infrastructure.
“The international community has responded to Jamaica with remarkable solidarity, urgency, and confidence,” Holness said.
“We are not merely seeking help. We are ready to lead, ready to rebuild, and ready to transform.”
‘DIRECT VOTE OF CONFIDENCE’
The prime minister argued that “the rapid mobilisation of funds signals trust in Jamaica’s economic management and is a direct vote of confidence in the country’s governance, years of fiscal discipline, debt reduction, and efforts to manage corruption”.
Holness also told the House that earlier on Tuesday, he, along with Finance Minister Fayval Williams, held a high-level call with representatives from the international financial institutions and discussed the implementation of the package.
Jamaica has recorded an estimated US$8.8 billion in damage, with multilateral partners indicating the availability of US$3.6 billion in sovereign and emergency financing over the next three years.
The recovery and reconstruction financing is as follows:
CAF: Up to US$1 billion;
CDB: Up to US$200 million;
IDB Group up to US$1 billion;
IMF: Could provide up to US$415 million;
The World Bank Group: Up to US$1 billion.
In a release on Monday, the Government confirmed that Jamaica has already secured US$662 million comprising US$37 million from the country’s Contingency Fund and National Natural Disaster Reserve Fund; US$91 million from the Caribbean Catastrophe Risk Insurance Facility; US$150 million triggered from the WBG Catastrophe Board; US$300 million accessible from the IDB’s Contingent Credit Facility; and US$42 million, scalable to US$84 million, available upon request under the WBG Catastrophe Deferred Drawdown Option.