Friday, the Board of Directors of the Caribbean Development Bank (CDB) approved, grant assistance of $2,37 millions to the Government of Haiti to pay the country’s insurance premium for coverage being provided by the Caribbean Catastrophe Risk Insurance Facility (CCRIF) for the 2015-2016 hurricane season.

Haiti is one of 16 Caribbean nations that buy policies from CCRIF, which provides rapid cash payments to help Regional Governments maintain essential services in the aftermath of major natural hazards.

"This grant assistance is just part of our ongoing commitment to support the Government of Haiti in its efforts to better mitigate and manage the impacts of natural disasters. CDB will remain a close development partner and help Haiti advance and emerge as a stronger, more resilient economy," declared Dr. Warren Smith, President of the CDB.

CDB’s Country Strategy Paper for Haiti 2013-2016 states that support with insurance coverage is an area of intervention, which aligns with Haiti’s development objectives. Its particular benefit is that such financial support will allow Haiti recover more quickly from the effects of natural disasters.

Let's remember that since May 2013, CDB has provided grants for full payment of Haiti’s CCRIF premiums, given its fragility and high vulnerability to natural hazards.

HL/ HaitiLibre