BVI News

.

Over $2B pledged to BVI, hurricane-struck countries

Scene of destruction on Tortola caused by hurricane Irma. (Photo Credit: Ve-Anna Thomas).

The British Virgin Islands is slated to get a share of more than US$2 billion that was offered in loans and pledges to countries affected by hurricanes Irma and Maria.

The offers were made at a CARICOM-United Nations high-level pledging conference held at the UN headquarters in New York this week.

Support came from nearly 400 representatives from governments, multilateral and civil society organizations, and the private sector.

The UN said the funds will assist hurricane-struck countries to “build back better” as the first climate-resilient countries in the world.

It is estimated that recovery costs for affected countries are well over $5 billion.

While giving remarks at the conference this week, Premier Dr D Orlando Smith said the estimated damage in the BVI alone is roughly $3.6 billion. He said that cost did not include all sectors.

Other countries severely impacted by the September hurricanes include Antigua and Barbuda, Dominica, Anguilla, St Martin, Turks & Caicos Islands, and Puerto Rico.

Below is a breakdown of the loans and pledges offered:

The Inter-American Development Bank pledged US$1 billion in loans while Italy pledged $30 million in soft loans. Venezuela forgave $1 million in debt to affected countries that had borrowed.

Pledges

$702 million from The Netherlands

$352 million from the European Union

$140 million from the World Bank

$100 million from Canada

$30million from China

$27 million from Mexico

$12 million from Italy

$4.3 million from the United States

$4 million from Japan

$1 million from Kuwait

$2 million from India

$1 million from Venezuela

$1.2 million from Belgium

$1 million from Chile

$500,000 from Denmark

$300,000 from Colombia

$250,000 from Haiti

US$250,000 from New Zealand

$200,000 from Brazil

$150,000 from Kazakhstan

$100,000 from Romania

$100,000 from Portugal

$20,000 from Serbia

Copyright 2018 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

Leave a Comment