• The project aims to ensure a dependable water supply for thousands of households in Kingston's Metropolitan Area.

As the lead structuring bank, IDB Invest provided long-term financing for up to US$79 million, (equivalent to JM$12 billion in local currency) for the Rio Cobre Water Treatment Plant in Kingston, Jamaica. This includes a US$30 million loan from IDB Invest and US$49 million mobilized from partners, including Proparco, Sagicor Bank Jamaica Limited, and the Development Bank of Jamaica. The financing has an extended repayment period of up to 20 years, terms previously unavailable in the local market and specifically designed to ensure affordable water tariffs for Jamaicans.

The Rio Cobre Water Treatment Plant will improve access to reliable potable water for communities in the Kingston Metropolitan Area and parts of St. Catherine. The project will address growing demand, enhance water reliability, and strengthen the country’s resilience to climate change, significantly benefiting over 600,000 Jamaicans through the daily supply of 15 million imperial gallons of water.

During the signing ceremony in Kingston, the Hon. Matthew Samuda, Minister without Portfolio in the Ministry of Economic Growth and Job Creation, was present alongside key representatives from the National Water Commission.

This is a public-private partnership agreement between the National Water Commission and Rio Cobre Water Limited, a special purpose vehicle comprised of VINCI Construction Grands Projects, global leader in large-scale infrastructure engineering and construction and Capital Infrastructure Group, a regional infrastructure investment vehicle co-managed by Pan Jamaica Group Limited and Eppley Limited.

In addition, IDB Invest will help Rio Cobre to enhance its Environmental and Social Management Standard as well as its corporate governance.

By supporting Rio Cobre, IDB Invest reaffirms its commitment to promoting sustainable infrastructure development across the strategic region of the Caribbean.

The project is expected to contribute to several of the United Nations’ Sustainable Development Goals (SDGs), specifically: (SDG 6) Clean Water and Sanitation for All; (SDG 8) Decent Work and Economic Growth (SDG 9) Industry, Innovation, and Infrastructure.

About IDB Invest

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of US$21 billion in managed assets and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that respond to the needs of its clients in various sectors. Visit our website idbinvest.org.

About Proparco

Proparco, a subsidiary of Agence Française de Développement Group, has been working with the private sector for over 45 years for a more just and sustainable world. With an international network of 23 local offices, Proparco works closely with its partners to build sustainable solutions in response to environmental and social challenges in Africa, the Middle East, Asia and Latin America. Proparco benefits from sector-based expertise as well as a wide range of financial solutions tailored to the different stages of business development, notably thanks to its Digital Africa subsidiary, and its Propulse technical assistance offering designed to scale up the impacts and performance of its partners. Proparco's new "Acting together for greater impact” Strategy 2023-2027 enables, strengthens and amplifies the different ways in which it works with its partners. To learn more: proparco.fr/en/strategy. For more information, go to: proparco.fr/en and @Proparco LinkedIn.

About Sagicor Bank Jamaica Limited

Sagicor Group Jamaica is a financial services conglomerate. It offers products and services in the areas of Banking, Insurance, Investments, Real Estate, Asset Management and Retirement Planning. Sagicor Life Jamaica Limited is the leading Life and Health insurance provider in Jamaica; Sagicor Bank Jamaica Limited is one of Jamaica’s largest banks, and Sagicor Investments Jamaica Limited is one of the top Investment companies in the country. The company remains one of the top listed profit performers on the JSE. Sagicor Group Jamaica is a member of a wider group of companies with Sagicor Financial Company Ltd., as its parent.

About DBJ

The Development Bank of Jamaica (DBJ) is a leading financial institution that was established by the Government of Jamaica in 2000, through mergers with other development-related institutions, including the Agricultural Credit Bank of Jamaica, the National Development Bank of Jamaica, and the National Investment Bank of Jamaica in 2006. It operates as a pivotal catalyst for private sector led economic development, primarily focusing on providing financial and technical support to various sectors within Jamaica. The DBJ's primary objective is to stimulate economic growth and development by facilitating access to financing and business support services for micro, small, and medium-sized enterprises (MSMEs) and growth of strategic sectors. As a development finance institution, the DBJ plays a crucial role in supporting the growth and expansion of local businesses, financing and business support options, promoting entrepreneurship, and fostering innovation. DBJ is an Agency of the Ministry of Economic Growth and Job Creation.