US$2-Billion pledged for Caribbean countries at CARICOM-UN Pledging Conference in New York

​Over US$2-billion was pledged for Caribbean countries that were affected by Hurricanes Maria and Irma, at the CARICOM-UN Pledging Conference, held at the UN Headquarters in New York this week. A UN report stated that there was over US$1.3 Billion in pledges, and over $1 billion in loans and debt relief. Support came from 400 high-level representatives from Governments, multilateral and civil society organizations, and the private sector that attended the event, to help countries build back better, as the first climate resilient countries in the world. According to the latest estimates, recovery cost for those affected countries surpasses US$5-billion in the aftermath of the two devastating hurricanes.
 
CARICOM Secretary-General Irwin LaRocque said the task of rebuilding is beyond the affected countries. He said “The magnitude of reconstruction will require significant levels of financing which we are unable to generate on our own. Countries are highly indebted, with limited access to financing due to their middle-income status. The task is beyond us”.
 
Hurricane Maria is said to have decimated decades of development gains in Dominica, impacting over 200% of the island’s GDP. Poverty levels are at risk of rising above 60%, as almost 60% of damages relate to housing and transportation infrastructure, with recovery costs estimated at about US$1.3 billion. In addressing the conference, Prime Minister Skerrit said, “We have the goal of rebuilding Dominica as the world’s first climate-resilient country. It is an existential matter for us; and it’s our only way forward.” In Barbuda, damages surpass US$130 million with recovery needs of over $220M, according to post-Irma assessments.
 
Responding to the urgent needs, over US$1.35 billion were pledged by established partners and new ones. Estimated amounts in US$ from various donors and lenders are as follows: $702-million from The Netherlands; $352-million from the European Union; $140-million from the World Bank; $78-million from Canada; $30-million from China; $27-million from Mexico; $12-million from Italy; $4.3-million from the United States; $4-million from Japan; $1-million from Kuwait; $2-million from India; $1-million from Venezuela; $1.2-million from Belgium; $1-million from Chile; $500,000 from Denmark; $300,000 from Colombia; $250,000 from Haiti; US$ 250,000 from New Zealand; $200,000 from Brazil; $150,000 from Kazakhstan; $100,000 from Romania; $100,000 from Portugal; $20,000 from Serbia.