EIB explores financing support for Jamaica’s post-Hurricane Melissa recovery, resilience

A senior delegation from the European Investment Bank (EIB) has concluded a visit to Jamaica to discuss support for the country’s recovery and long-term resilience following Hurricane Melissa, as well as new opportunities for sustainable investment and private-sector growth.

The mission was led by Christopher Litt, head of division for the financial sector; Mariana Ruiz Alvarado, head of the EIB Regional Representation for the Caribbean, and Martin Technau, senior investment officer for the financial sector in Latin America and the Caribbean.

During their visit, they met with Dr Erja Askola, European Union (EU) ambassador to Jamaica, and Jose Maria Fernandez de Turiso, ambassador of Spain, to discuss the devastating human and economic impact of Hurricane Melissa on the country and its people, and the European response.

The EIB delegation held productive discussions with senior government ministers, Audrey Marks, minister without portfolio in the Office of the Prime Minister; Daryl Vaz, minister of science, energy, telecommunications and transport; Aubyn Hill, minister of industry, investment and commerce; and David Lowe, managing director of the Development Bank of Jamaica (DBJ).

The discussions focused on how the EIB could help mobilise large-scale investments to support Jamaica’s national reconstruction efforts and strengthen resilience in key sectors. Hurricane Melissa, the most powerful storm ever to hit Jamaica, caused catastrophic damage to homes, infrastructure, agriculture and forests, with economic losses estimated around US$8.8 billion and well over a million people affected.

EXPANDING ACCESS TO AFFORDABLE CREDIT

Discussions with the DBJ and leading commercial banks focused on how EIB financing and guarantees could expand access to affordable credit for micro, small and medium-size enterprises, and accelerate investment in the energy sector and logistics and digital infrastructure.

Askola said the scale of the damage meant Jamaica would need a coordinated response and sustained support from its international partners.

“The destruction caused by Hurricane Melissa has been overwhelming for people and communities across the country. It demands swift, targeted action that fully supports the government’s own recovery and reconstruction plans. The EIB is ready to work quickly with the government and Jamaica’s financial institutions to unlock financing needed to revive people’s livelihoods, rebuild critical infrastructure, and boost the country’s resilience to withstand future shocks,” she stated.

The visit builds on the EIB’s wider engagement in Latin America and the Caribbean, where the bank has been active for 45 years and financed more than 350 high-impact projects. Around 70 per cent of EIB investment in the region now supports climate action and environmental sustainability – a priority reinforced by the devastating impact of Hurricane Melissa and the growing vulnerability of small island developing states (SIDS).

Working closely with the European Union Delegation in Jamaica, EU member states and other multilateral partners, the EIB will now advance technical discussions with the Jamaican authorities and financial institutions to identify concrete priority projects where EIB financing and expertise can contribute to a resilient, inclusive and climate-smart recovery.

The mission reflects the EIB’s commitment to scale up financing for climate action, disaster recovery, and economic transformation across SIDS, in line with the EU Global Gateway strategy.