Additional financing will support initiatives that encourage business growth in Jamaica and strengthen the environment for private sector investment. These changes are more critical now than ever, as the private sector has been hit hard by the economic and social impacts of COVID-19. The additional financing will help Jamaica build back better through support for reforms to make it easier to do business, which will benefit local entrepreneurs. Jamaica is facing significant challenges from the COVID-19 crisis, and the Government has adopted a series of measures to address the deteriorating economic and social situation. This additional financing provides technical assistance to improve the investment climate by updating laws, regulations, and legal frameworks, to support a private sector-led resilient recovery. Reforms focus on trading across borders, enforcing contracts, registering property, getting electricity, and getting credit. The project also includes policies and programs for export competitiveness, attracting foreign direct investment, and supplier linkages.
World Bank Group, one of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries strengthen their pandemic response. We are supporting public health interventions, working to ensure the flow of critical supplies and equipment, and helping the private sector continue to operate and sustain jobs. We will be deploying up to $160 billion in financial support over 15 months to help more than 100 countries protect the poor and vulnerable, support businesses, and bolster economic recovery. This includes $50 billion of new IDA resources through grants and highly concessional loans.