EIB Explores Financing Support for Jamaica’s Post-Hurricane Melissa Recovery and Resilience
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 H.E. Dr Erja Askola, EU Ambassador to Jamaica and H.E. Jose Maria Fernandez de Turiso, Ambassador of Spain to discuss the devastating human and economic impact of Hurricane Melisa on the country and its people, and the European response.
The EIB delegation held productive discussions with senior government Ministers, Hon. Audrey Marks, Minister without Portfolio in the Office of the Prime Minister; Hon. Daryl Vaz, Minister of Transport, Telecommunications and Energy; Hon. Aubyn Hill, Minister of Industry, Investment & Commerce; and Managing Director, Development Bank of Jamaica, David Lowe.
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 at around US$8.8 billion and well over a million people affected.
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Discussions with the Development Bank of Jamaica and leading commercial banks focused on how EIB financing and guarantees could expand access to affordable credit for micro, small and medium-sized enterprises, accelerate investment in the energy sector and logistics and digital infrastructure.
EU Ambassador Dr Erja 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” she stated. 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.
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% 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.
Working closely with the EU 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 Small Iland Developing States, in line with the EU Global Gateway strategy.
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Contact: Althea Buchanan. Althea.buchanan@eeas.europa.eu