BVI gets funds to assist with damage from TS Philippe
The BVI has received US$552,297 through the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to assist with post-Philippe recovery efforts.
It is not yet clear how the BVI government will choose to use these funds, in light of the extensive damage caused by flooding from Tropical Storm Philippe.
CCRIF is a segregated portfolio, owned, operated and registered in the Caribbean. It limits the financial impact of catastrophic hurricanes, earthquakes and excess rainfall events on Caribbean and Central American governments by quickly providing short-term liquidity when a parametric insurance policy is triggered.
Antigua and Barbuda is the second country to receive a payout from CCRIF since the start of the 2023 hurricane season. Their amount is US$2,880,424 to assist with post-Philippe recovery efforts.
CCRIF CEO Isaac Anthony reiterated that the BVI and Antigua can use their payout to address urgent priorities.
Anthony advised all countries in the region that “investment in CCRIF’s catastrophe risk insurance each year is an important part of their comprehensive disaster risk management strategies, as CCRIF payouts help to close the protection gap, reduce budget volatilities associated with exogenous shocks and allow governments to address the country’s most urgent needs.”
He continued: “Whilst payouts are often used to address immediate needs after a disaster, governments can also implement activities to increase resilience against future hazard events, build back better and enhance social protection systems to become more shock-responsive”.
CCRIF was developed under the technical leadership of the World Bank and with a grant from the Government of Japan.
It was capitalized through contributions to a Multi-Donor Trust Fund (MDTF) by the Government of Canada, the European Union, the World Bank and the governments of the UK and France.
The Caribbean Development Bank, the governments of Ireland and Bermuda, and membership fees paid by participating governments also help to bolster the fund.
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Just enough dollars for a pop-concert in Road Town
MUSIC FEST MONEY
How about sending all the HOA members, staff, consultants, media and other idle civil servants on an all expenses paid month long trip to tour Ukraine, Lebanon, Syria, Israel, Gaza and Guyana. The purpose of the journey is to promote BVI tourism, VI Ship Registry and BVI Financial services. When the survivors return they can report the glorious success of their journey and the looming boost to the BVI economy.
I would suggest that the Gov’t matches the donor amount and call for claims, genuine and verifiable claims, that would at least give those affected some restitution
Will the funds be required to be accounted for by variable claims and other supporting documentations? Or, will this be another graft for the ministers to redistribute to family and friends I. The guise of assistance grants’? I bet the recent clearing of ghuts around town has significantly reduced the funds obtained.
Gov sems to have its head in the sand re the huge damage caused by Philippe. Thankfully Tammy rains dampened the dust but our capital remains muddy town. I could not walk through Sea Cows Bay without stepping into the road around puddles, the sidewalk is too muddy/damaged. We need a realistic review of what we need to clean up (Purchase a street cleaner, the streets are nasty)
One or more ministers’ families will be very happy!
I cannot believe this man thanking his government for the insurance and CCRIF initiative where the BVI can get funding when it experiences the slightest of damages from disaster. Natalio better thank Orlando and Fahie especially Andrew. He needs to learn to give credit where credit is rightfully due.