Finance Minister Dr. Nigel Clarke
Jamaica is to receive an additional US$10.3 million or J$1.6 billion from the Caribbean Catastrophe Risk Insurance Facility (CCRIF).
This as the excess rainfall policy has also been triggered following Hurricane Beryl.
Finance Minister Dr. Nigel Clarke made the announcement on Monday, noting that the funds are separate from the US$16.3 million or J$2.5 billion payout Jamaica will get as part of the tropical cyclone policy with CCRIF.
CCRIF is the 4th layer in Jamaica's multi-layered disaster risk financing framework.
Dr. Clarke had earlier announced that Jamaica will draw on its Contingency and Natural Disaster Funds, totalling $4.5 billion, as the first call on financing to fund recovery efforts from Hurricane Beryl.
Dr. Clarke also indicated that the country may have access to others funds were Jamaica to place a 'Contingent Credit Claim' before the Inter-American Development Bank.
Those funds amount to as much as $46 billion.
Additionally, the Government of Jamaica has a $140 billion Precautionary and Liquidity Line with the International Monetary Fund, were the country to find itself in a cash crunch.
Speaking in the House of Representatives last week, Prime Minister Andrew Holness said the country was faced with a road repair bill of $10.5 billion following Hurricane Beryl. Another $2 billion will be needed to repair critical infrastructure while damage to the agriculture sector is estimated at more than $3 billion.
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