CDB announces support for Dominica after Hurricane Maria
From the Caribbean Development Bank
BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB) has offered a grant to the Commonwealth of Dominica following the passage of Hurricane Maria, and is fast-tracking a grant for the Caribbean Disaster Emergency Management Agency (CDEMA).
The bank is making an Emergency Relief Grant of USD$200,000 available to Dominica, which 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.
Dominica is also eligible to receive an Immediate Response Loan of up to USD$750,000. The loan, available on highly concessionary terms, is designed to support the clearing and cleaning of areas damaged by Hurricane Maria, and the emergency restoration of services.
The bank is also in the process of providing a USD$150,000 grant to CDEMA to support the ongoing mobilisation and coordination of disaster relief, given the number of recent hurricanes.
Dr. William Warren Smith, president of CDB, reaffirmed the bank’s commitment to provide and mobilise resources for relief and response after Hurricane Maria.
“We express our deepest regret at the loss of life and damage to infrastructure in Dominica, as a result of Hurricane Maria.,” he said. “CDB stands ready to support the government and people of the country in their recovery and reconstruction efforts. We take this opportunity to reaffirm our commitment to making the infrastructure increasingly more resilient and to minimise losses following the disaster.”
Dominica is also eligible to receive a Rehabilitation and Reconstruction Loan, designed to help governments with their recovery efforts, to rehabilitate social and economic infrastructure, and restore key economic sectors to better than pre-disaster operating levels. This financing also assists in reducing countries’ vulnerability to future disasters.
Following Hurricane Irma, the bank sent a team of technical specialists to Antigua and Barbuda to conduct a preliminary damage assessment, and identify national priorities for recovery and rehabilitation, and is preparing to send similar teams to other borrowing member countries affected by recent hurricanes.
In December 2015, CDB approved a loan of USD$30 million to assist with reconstruction after the passage of Tropical Storm Erika, which was estimated to have caused approximately USD$483 million in damages and losses—the equivalent of 90 percent of Dominica’s Gross Domestic Product.
The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its borrowing member countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional non-borrowing members – Brazil, Colombia, Mexico and Venezuela and five non-regional, non-borrowing members; i.e., Canada, China, Germany, Italy, and the United Kingdom.