Jamaica, March 3 -- The World Bank Group's Board of Executive Directors approved a new project to support Jamaica in promoting private sector development and improving disaster preparedness. The US$ 192 million Sustainable and Resilient Recovery Development Policy Financing includes a special option which allows Jamaica to quickly access funds in the event of a disaster.Jamaica has made substantial progress over the past decade, reducing its public debt-to-GDP ratio to a record low of 73.3 percent at the end of 2023-24, the lowest in the last 25 years. Despite this positive trajectory, the country faces ongoing challenges, including slow economic growth, high informal employment, and vulnerability to natural hazards. Recent events, includin...