A new project
By Dana Niland
The United States Agency for International Development (USAID) has partnered with First Global Bank (FGB) to offer loans to businesses and individuals for the installation of climate-smart technologies in Jamaica.
The loans will enable individuals, cooperatives, and community organizations to borrow between $5,000 and $100,00 for solar panels, solar water pumps, water catchment pools, tanks, hurricane straps, and other necessary items.
“I think this initiative is going to make a big difference. It will provide a sustainable way for businesses to adapt to climate change and to implement critical mitigating changes that will not only improve their business, but will also create a climate resilient business environment,” said Dr Alwyn Hales, Jamaica’s Permanent Secretary of Water, Land, Environment, and Climate Change.
Small- and medium-sized enterprises will be eligible for loans between $100,000 to $875,000, which may be used to safeguard operations during natural disasters.
All of the loans will be available in Jamaican dollars at a low interest rate, and will allow borrowers up to 10 years to repay, according to a release.
Chief Executive Officer of FGB, Courtney Campbell, said the offering was “particularly encouraging because it would be of tremendous benefit to the country.”