The fact foreign donors paid for the premiums associated with Jamaica’s first catastrophe bond does not mean it was a “handout” the country’s Minister of Finance has explained.

Jamaica’s first catastrophe bond, the recently placed IBRD CAR 130 transaction, was priced and saw the Caribbean island nation securing the upsized target of $185 million of coverage last week.

Helping Jamaica to access disaster insurance from the capital markets were the World Bank and its Treasury, which facilitated the transaction and worked on the deal for around three years.

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