Grenada receives $55.6 Million from CCRIF for Hurricane Beryl Recovery  

Grenada: The members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) offered US $55.6 million to the Grenadian government in response to the damage caused by hurricane BERYL.

It is to be noted that the Chief Executive Officer of the CCRIF, Isaac Anthony along with other members presented $44 million to the prime minister of Grenada, Dickon Mitchell, and the minister of finance, Dennis Conwall.

However, the CCRIF has paid the rest of the money to the electric and water utility companies in the Grenada. These payouts to the Grenada Electricity Services Limited (GRENLEC) and the National Water and Sewerage Authority (NAWASA) were among the firsts payments made to these projects since their establishment. Reportedly, the GRENLEC received approx. $9 Million whereas the NAWASA received approx. $2 million.

This official meet among the members let the opportunity to further discuss the need for disaster management and to prevent risk associated with them. The meet also discussed the financial protection for the country and the Insurance penetration rates in the Caribbean, as well as the region’s disaster-prone environment.

Officer Anthony addressed that the CCRIF is established to provide aid to the Caribbean and central American countries to revive stronger and better from climatic disasters by providing them quickly with the money needed.

Dickon Mitchell, however stated that these funds will help to establish the restoration process across the nation but still is not enough to cover all of the expenses.

The CEO of CCRIF emphasized the importance of countries taking measures to secure their key sectors. And for the same reason, he praised the power of Grenada, calling it the best example for other small island nations to ensure the financial protection of their economies. He also noted that governments should treat electricity and water as public goods even if managed in the private sector.

The CCRIF was created as a regional disaster fund for Caribbean governments to limit the financial impact of hurricanes and earthquakes on Caribbean governments by quickly providing short-term liquidity to trigger policies.