Affordable Financing for Climate Change Mitigation Projects in Jamaica

The United States Agency for International Development (USAID) and the First Global Bank have partnered to give Jamaicans access to affordable loan financing for projects related to climate-smart agricultural and climate change mitigation solutions.

According to Peter Lindo, Vice President of First Global Bank, the loans are different than traditional green financing, which typically targets renewable energy. He added that,

“The loans that we are offering would be, for example, to farmers who are taking any sort of action to mitigate against climate change – the environmental impact of climate change such as drought we are suffering.”

Climate Change Mitigation

Source: http://xenogyre.com/

Speaking on the loan product and climate change mitigation strategies at a signing ceremony last Friday, First Global Bank CEO, Courtney Campbell said,

“Climate change is a part of our reality here in Jamaica, evidenced by shifting weather patterns. First Global has established a reputation as a leader in the environmental arena, and so we are pleased to offer another meaningful financial solution to help Jamaicans live green and to prepare themselves for the risks associated with shifting weather conditions.”

Loans, which range from $5,000 to $100,000 (USD) for individuals, cooperatives and community organizations and $100,000 and $875,000 for small and medium sized businesses, will be provided at low-interest rates and can be repaid over ten years.

To read more about Jamaica’s green loan program, read the full article here.