$2 bil in pledges raised for the region at UN conference

This week, countries and funding agents from around the world pledged more than $2 billion-worth of financing to Caribbean jurisdictions battered by the 2017 hurricane season.

Leaders from around the region — including Premier Dr. Orlando Smith — travelled to New York on Nov. 20 for a “pledging conference” organised by the United Nations and the Caribbean Community.

Their goal: Paint a picture of the devastation in the Caribbean and outline what financing help they need to get back on their feet.

It appears they had some degree of success: More than 25 nations and funding agencies pledged $1.3 billion-worth of grants and more than $1 billion in loans and debt relief (see sidebar).

The largest donor was the Netherlands, which pledged about $700 million, though Antigua and Barbuda Prime Minister Gaston Browne said that money would be directed to Dutch territories in the region, according to the Miami Herald.

The Inter-American Development Bank also committed to $1 billion worth of loans for the region, according to Caricom.

Even Haiti pledged $250,000, despite the country’s ongoing struggle to recover from the 2010 earthquake and Hurricane Matthew in 2016, as well as some damage from the storms this year.

The United States pledged $4.3 million for the region, though the US has also funded recovery efforts in its two Caribbean territories, Puerto Rico and the US Virgin Islands, over the last two months since hurricanes Irma and Maria.

It remains unclear how much of the $2.3 billion-worth of financing options will be directed to the territory, and attempts to reach Ministry of Finance officials were not immediately successful.

 

Loans

Inter-American Development Bank: $1 billion

Italy: $30 million

Debt Relief

Venezuela: $1 million

Source: Caricom

 

See the Nov. 30, 2017 edition for full coverage.

 

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