Caribbean Development Bank

Published purpose

This fund contributes to insulating Caribbean Community (CARICOM) member countries from disaster risks and frees up fiscal space to support their essential needs, which have increased due to the COVID-19 pandemic. The Fund consists of two components. The first enhances post-disaster response through the coverage of premiums to the Caribbean Catastrophe Risk Insurance Facility for the nine CARICOM member countries eligible for Official Development Assistance for a two years. The second component assists in developing gender-sensitive innovative financing instruments to mobilize private capital for climate adaptation and disaster mitigation to benefit all CARICOM members.