KINGSTON, Jamaica - The World Bank’s Regional Vice President for Latin America and the Caribbean, Carlos Felipe Jaramillo, has ended a three-day visit to Jamaica discussing a wide range of issues with officials here including digital transformation, reimagining education, increasing climate resilience, improving linkages between agriculture and the tourism sector, as well as urban resilience.
Carlos Felipe Jaramillo“Over the past years, Jamaica has made great strides in its development priorities. The macroeconomic situation is more stable, poverty and inflation have decreased and unemployment numbers hit record lows before the impact of COVID-19.
“Despite the setbacks caused by the pandemic, Jamaica’s economic management is an example for others in the region,” said Jaramillo, who was on his first official visit to the region since being appointed to the post in May last year.
He was accompanied by Lilia Burunciuc, who was the recently appointed Country Director for Caribbean countries and will be based in Jamaica.
Jaramillo and his delegation met with Prime Minister Andrew Holness and his cabinet as well as with international development partners, members of the private sector, and young professionals and women leaders.
Jaramillo also visited World Bank-funded projects including the Port Royal Street Coastal Revetment Project, which will add shoreline protection to enhance the island’s resilience to disasters and climate hazards.
When completed, the project will also provide space for fisherfolk to continue to earn a living and provide the community with much-needed recreational space.
Since 1964, the World Bank Group has provided more than three billion US dollars in development policy and investment financing to Jamaica.
The World Bank’s program in Jamaica currently includes nine projects that address private sector-led growth, climate change adaptation and mitigation, human capital development, fiscal sustainability, private sector strengthening, and public sector transformation.
A World Bank statement said that during the visit, it was announced that the World Bank had priced a catastrophe bond that will provide the Jamaica government with financial protection of up to US$185 million against losses from named storms for three Atlantic tropical cyclone seasons ending in December 2023.
