JN Bank to provide loans for developers, householders to install water adaptation systems

Jamaica National (JN) Bank is to roll out a new loan product that provides financing to housing developers and homeowners for the installation of water adaptation systems.

This comes as JN Bank is urging developers to start building houses with water adaptation systems and mechanisms to harvest and recycle rain water, as part of measures to cope with the effects of climate change.

Pointing out that droughts were getting more severe, manager of JN Bank's Water Project, Jacqueline Cameron, said water adaptation systems could assist households with recycling rain water for use in gardens, laundry and flushing toilets.

While the details of the new loan product is being finalised for roll out in the new year, Cameron, who was addressing members of the Jamaica Developers Association recently, said: “The great news for developers really is that through the JN Water Project, they will be able to access loans from JN Bank to install water adaptation devices.”

She explained that the water project was created to address issues associated with climate change by providing limited financing for water specific projects in housing developments.

“Having recognised this shortfall, the JN Water Project was developed, based on a partnership between: the JN Foundation, the Inter American Development Bank (IDB), JN Bank, Climate Investment Funds, the Pilot Programme for Climate Resilience, and the Multilateral Investment Fund,” JN executive explained.

Robert Stephens, the demand study consultant for the water project, explained further: “The IDB through the Water Project is looking at Jamaica to essentially set the pace for the rest of the Caribbean; and, the rest of the world, through this project."

According to Stephens, "It has the potential to be up-scaled, in terms of its applications, not only for housing, but in other areas, given changes in the market place. Therefore, it is important to begin to educate developers and home owners about the importance of saving water.”

He added: “Climate change is affecting us severely. The fact is that, we need to increase the water resiliency in our housing developments; and, ensure that we use water efficiently, because the next possibility for war in the world could be about water."

JN says the over-arching purpose of its four-year project is to assist the country to enhance its climate resilience through the use of water adaptation technology in the housing sector. 

By creating this special loan facility, the bank says the aim is to facilitate greater use of water adaptation measures in houses, such as rain water harvesting systems, water efficient taps and showers, low-flush toilets, efficient irrigation systems, grey-water recycling facilities, and other relevant efficiency measures.

We want to hear from you! Send us a message on WhatsApp at 1-876-499-0169, or email us at editors@gleanerjm.com or onlinefeedback@gleanerjm.com.