The Multilateral Investment Fund (MIF), member of the Inter-American Development Bank (IDB) Group has approved an operation to enable investments in efficient water technologies and practices in newly built housing in Jamaica. The project will promote related business opportunities and entrepreneurship in climate resilience and improve the conservation of water throughout the country. The project will use a US$5.75 million loan funded by resources from the
Pilot Program for Climate Resilience (PPCR), one of three programs under the Strategic Climate Fund – a funding window under the
Climate Investment Funds, together with non-reimbursable financing for technical assistance (US$1,139,400, including local counterpart resources) from the MIF's Proadapt Program co-financed by the
Nordic Development Fund (NDF).
Drought and shifting patterns of rainfall are affecting water prices across Jamaica and aggravating the strain on the water supply, which along with other constraints has led to periodic water service interruptions. This project, by demonstrating the market for greater water efficiency in Jamaica, will contribute to greater conservation of this resource in housing.
Jamaican National Building Society (JNBS) is the executing agency for this operation. JNBS will on-lend PPCR resources to housing developers and construction companies for water efficient products and measures. The investments financed will improve water availability and reduce the risk of water disruptions during increased periods of drought that result from climate change. Investments will also yield economic co-benefits by reducing household water bills.
The grant resources provided by the Multilateral Investment Fund and the Proadapt program support technical assistance activities aimed at complementing the loan interventions and will focus on
- Providing the business and financial cases of water efficiency in companies and households;
- building local capacity in water adaptation measures;
- supporting a climate resilience entrepreneurship program; and
- raising awareness of the opportunities presented by water efficiency for local businesses, financial institutions, civil society and the Government of Jamaica.
About the Jamaican National Building Society
The Jamaican National Building Society is one of Jamaica’s the largest financial institutions offering a range of products including savings, loans, insurance, remittances, pension funds, retirements schemes and foreign currency exchange. JNBS is primarily active in mortgage financing and is currently the largest mortgage lender in the Caribbean region. www.jnbs.com
About the MIFThe Multilateral Investment Fund is the innovation lab for the Inter-American Development Bank Group. It conducts high-risk experiments to test new models for engaging and inspiring the private sector to solve economic development problems in Latin America and the Caribbean. The MIF addresses poverty and vulnerability by focusing on emerging businesses and smallholder farmers with the capacity to grow and create economic opportunities. www.fomin.org
About the IDBThe Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region. www.iadb.org