Development Bank of Jamaica Signs New Agreement to Address Challenges Linked to Climate Change Financing
KINGSTON, Jamaica – The Development Bank of Jamaica (DBJ) has signed a memorandum of understanding (MoU) with the Belize-based Caribbean Community Climate Change Centre (CCCCC) to strengthen collaboration, particularly in addressing challenges linked to accessing and mobilizing climate finance for CARICOM member countries.
The MoU was signed by DBJ Acting managing director, David Wan, and CCCCC executive director, Dr. Colin Young.
Under the MoU, the CCCCC will play a technical role in the implementation of readiness projects, including developing concept notes for projects, while the DBJ will serve as the delivery partner and accredited entity, particularly for projects that require concessional financing.
Wan said the partnership marks a significant milestone to confront climate change, which is one of the greatest global challenges, reiterating that climate change knows no borders, adding that its impact is felt by communities worldwide.
He said as such, it requires decisive action, innovative solutions, unwavering dedication and money.
Wan said through the partnership, the DBJ and CCCCC are joining forces to tackle the complex challenges associated with climate finance.
“We’re going to ensure that our region is equipped to adapt, mitigate and thrive in the face of environmental adversity. This collaboration holds immense promise for the people of Jamaica and the wider Caribbean. It will enable us to unlock new opportunities, develop resilient infrastructure and foster sustainable economic growth,” he added.
The CCCCC executive director welcomed the strategic partnership, noting that it will allow for access to greater financing in addressing issues associated with climate change.
“The step we’re taking today, however, is also a first because it is the first time that a direct access entity and a national direct access entity, via an MoU, are committing to work together to unlock greater climate finance, not just for Jamaica, but for the wider Caribbean.
“So we are hoping that this will be the start of what would be a blueprint of how we can have this kind of strategic partnership with other entities,” he added.
