Almost $70m raised in the Caribbean Catastrophe Risk Insurance Facility's first year

The Irish government recently announced approval of a $2.4 million-dollar contribution to the Caribbean risk pooling fund, CCRIF.

The contribution is the latest addition to the donor fund supporting the CCRIF, which was launched at a donor pledging conference in Washington DC in February 2007.

Brendan Ryan, the Irish Government’s senior advisor to the executive director at the World Bank said the decision to support the facility was taken late last year.

“The success of the facility’s first year bodes well for its future. Our donation is a signal of the faith the Irish Government has in the facility and a show of support for the Caribbean governments that have taken a pro-active stance towards disaster risk mitigation by becoming members of the CCRIF.”

Bahamian Prime Minister and the current chair of Caricom, Hubert Ingraham, expressed his appreciation on behalf of the CCRIF member governments for the Irish Government’s contribution.

“The consequences of climate change are severe for Caribbean governments, particularly increasing our exposure to natural disasters and making pre-disaster planning paramount. The additional funds contributed by Ireland will further strengthen the facility and thus the Caribbean governments it serves.”

Last year pledges totalling $47.7m were made by Canada, the World Bank, the United Kingdom, France and the Caribbean Development Bank. A further $19.5m was raised in the form of a Participation Fee from each CCRIF member country.

Milo Pearson, chairman of the CCRIF Board of Directors said: “This further donation is important; not only because of what it signifies, but also because of the impact it will have in building our reserve pool.”