01
About REDI II
On November 14, 2019 the World Bank Board gave its approval for a US$40 million loan to fund the Second Phase of the Rural Economic Development Initiative (REDI II) project. Subsequent to this approval, the Government of Jamaica, the World Bank signed the Project and Loan Agreements on March 3, 2020.
The overall objective of REDI II is to enhance access to markets and to climate resilient approaches for targeted beneficiaries.
Benefits include:
- Enhanced Agriculture & Tourism Linkages
- Optimized rural agriculture production
- Addressing the “Structural” / Policy issues
- Direct Integration of Youth (targeted marketing, Employment as active participants, Technical support)
- Improving Productivity e.g. inputs, soil, seedlings, pest management
- Enhanced Business Mentorship & Coaching
- Public Infrastructure Investments
- Enhanced Marketing of Community Tourism Enterprises
- Improved standards and quality of outputs
- Crowding in of private sector based on requirement of minimum 5% cash contribution by beneficiaries
- Increased efficiency through the introduction of technology and innovation
- Increased employment specifically targeting youth. REDI I created 1,300 jobs
- Diversified tourism offerings allowing for expenditure and earnings within rural communities
- Climate resilience built in the two sectors which account for an estimated 18% of GDP
- Expansion of formal businesses and the benefits that flow from that formality