The Government of Jamaica is in discussions with a number of global agencies to establish a multi-million US dollar facility to finance climate smart projects.
A release on Wednesday listed a number of partners, including the Development Bank of Jamaica, the Green Climate Fund (GCF), Inter-American Development Bank (IDB), the World Bank Group, European Investment Bank, USAID, and the United Kingdom.
The partners are seeking to establish a 'Blue Green Facility', to deliver what they call "a blended financing structure", to provide up to US$500 million over five years.
The Jamaican government would also make a contribution.
The financing agencies say they are looking at the modalities for establishing the Blue Green Facility.
The options include a combination of grants, concessional debt, guarantees, and equity instruments to leverage blended finance and crowd-in private investment for climate action.
Micro, small and medium enterprises are being targeted, along with the government's adaptation and mitigation actions and projects, aimed at strengthening the resilience of local communities engaged in combating the climate crisis.
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