Caribbean Development Bank provides emergency funding for regional countries battered by Hurricane Irma

The Barbados-based Caribbean Development Bank (CDB) has announced support for its borrowing member countries (BMCs) affected by Hurricane Irma as well as the Caribbean Disaster Emergency Management Agency (CDEMA), which is coordinating the region’s response to the affected states.

The bank said it is providing emergency relief grants to each of the islands – Anguilla, Antigua & Barbuda, The Bahamas, the British Virgin Islands and the Turks & Caicos Islands.

The CDB said that the funds will assist with costs associated with damage assessments and the provision and transportation of emergency relief supplies, water and sanitation resources, roofing materials for emergency shelters and community buildings, and temporary shelter for displaced persons.
In addition, the bank has offered ‘immediate response loans’ to the affected countries. The loans, available on highly concessionary terms, are designed to support the clearing and cleaning of areas damaged by Hurricane Irma and the emergency restoration of services.

The region’s premier financial institution said that in anticipation of Hurricane Irma’s arrival in the Caribbean, it had approved a fast-tracked grant of US$150,000 to the CDEMA to assist with preparations for mobilizing and coordinating disaster relief.

“We reaffirm our support for our borrowing member countries affected by this devastating hurricane. We very much regret the loss of life and infrastructure, and pledge to help the Governments and people of the impacted countries recover and rebuild in any way we possibly can,” said CDB president Warren Smith.

The CDB said that countries affected by the storm that has been blamed for at least 24 deaths and millions of dollars in damages, are also eligible to receive rehabilitation and reconstruction loans, which it said “helps governments with their recovery efforts, to rehabilitate social and economic infrastructure, and restore key economic sectors to better than pre-disaster operating levels”.

It added: “the loans also assist in reducing countries’ vulnerability to future disasters. As countries work on assessing the damage caused by Hurricane Irma, the CDB is also engaging development partners in discussions and planning for additional recovery and rehabilitation support.”

The Caribbean Catastrophe Risk Insurance Facility, a segregated portfolio company and CDB partner, announced last week that it will make payouts of US$15.6 million on their tropical cyclone policies to the Governments of Antigua & Barbuda, Anguilla, and St. Kitts & Nevis. -(CMC)