Caribbean Needs Disaster Risk Financing Solutions – Senator Johnson Smith

• Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith, says there is urgent need for disaster risk financing solutions for countries across the Caribbean.
• The Senator, who was speaking on the topic: ‘Financing for Development: Catastrophe Bonds,’ highlighted the region’s vulnerability to disasters, noting that over the last decade, the Caribbean has had only one year with less than 10 named storms.
• In 2020, a historic high of 30 named storms were recorded, while 21 were documented in 2021, which was the third highest. An above normal hurricane season is forecasted for 2022.
• So far, Jamaica has successfully collaborated with international partners to implement long-term strategies to prepare for and respond to disasters, and there is need for more partnerships among Caribbean states and development institutions.
• A World Bank release, last year, said that the International Bank for Reconstruction and Development (IBRD), the lending arm of the World Bank, announced a catastrophe bond that provides financial protection to the Jamaican government against losses from named storms.
• The commitment values US$185 million and covers three Atlantic tropical cyclone seasons. It will end in December 2023.
• Disaster risk reduction is integral in achieving the Sustainable Development Goals (SDGs), which were adopted by the United Nations in 2015. The SDGs provide a blueprint to achieve a better and more sustainable future for all.

(Source: JIS News)