As the lead structuring bank, IDB Invest provided long-term financing for up to US$79 million, (equivalent to $12 billion in local currency) for the Rio Cobre Water Treatment Plant in St Catherine, Jamaica.
This includes a US$30 million loan from IDB Invest and US$49 million mobilised 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, 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.
