BOJ signs financing agreement with French Development Agency | RJR News

The Bank of Jamaica (BOJ) has signed a financing agreement with the French Development Agency (AFD).

In a press release, the central bank said the agreement concerns the implementation of phase two of the bank’s project to assess climate-related financial risks in Jamaica.

The first phase started in December 2022 and is supported by the AFD and the European Union (EU).

Funding was also received from the EU’s Latin American Caribbean Investment Facility.

The project supports the BOJ and the Financial Services Commission (FSC) in assessing climate-related risks within the financial system.

The BOJ says it will, together with the FSC, integrate the risks into supervisory guidelines, practices and macroprudential policy formulation.

According to Dr. Wayne Robinson, senior deputy governor at the BOJ, the project will have far-reaching implications for the Jamaican financial sector.

He says the central bank is aware of the unique challenges posed by climate change. Therefore, it is essential to deepen the understanding and management of climate-related financial risks and promote cooperation with international partners.