Saint Lucia gets $EC 10.2 Million for post Matthew recovery

Saint Lucia gets $EC 10.2 Million for post Matthew recovery

Saint Lucia today received some 10.2 million EC dollars from CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility.

The money was paid out on this country’s Tropical Cyclone policy following the passage of Tropical Cyclone Matthew.

Prime Minister, Allen Chastanet, received the cheque on behalf of the Saint Lucia government at a brief ceremony today.

“We have all come to the realization that global warming has changed our lives,” Chastanet told today’s ceremony.

He expressed the view that this country has to build up its infrastructure in recognition that it will be impacted by more storms and “freaks of nature.”

Chastanet spoke of the need to strengthen the agriculture sector – specifically in relation to drainage and addressing the height of bridges.

CCRIF SPC has completed the transfer of twenty-nine million dollars to all the countries that were affected by Matthew – Haiti, Barbados, Saint Vincent and the Grenadines and Saint Lucia.

In 2007, the Caribbean Catastrophe Risk Insurance Facility, now CCRIF SPC was formed as the first multi-country risk pool in the world.

It was the first insurance instrument to successfully develop parametric policies backed by both traditional and capital markets.

The agency was designed as a regional catastrophe fund for Caribbean governments to limit the financial impact of devastating hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered.

Saint Lucia has so far received three payouts from the CCRIF SPC dating back to 2007 when this country was rocked by a strong earthquake.

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  1. Anonymous
    October 19, 2016 at 5:35 pm Reply

    good now take some that money and go get a new up to date prison system with new prison guards so these idiots quit escaping

  2. Just saying
    October 19, 2016 at 6:30 pm Reply

    The money has to be used for building what was damaged, the agricultural sector, bridges roads etc. Hope it is put into good use.

  3. Anonymous
    October 19, 2016 at 6:32 pm Reply

    The escape good for them. This is the same prison the minister of national security said he was so impressed with.

  4. Anonymous
    October 19, 2016 at 11:24 pm Reply

    just saying if same sexual pervert can escape from same prison twice in one year security guards need to be fired, building needs a redo,fences rebuilt,money’s directed towards attack dogs,yes check needs to go towards rebuilding storm damage,but part of restructuring roads and such involves safety of public,and when a dangerous and sexual predator can leave a prison at will,then under law#6234,storm damage relief funds,said moneys can be directed to protecting citizens safety,as in this case firing and replacement of security,new cameras new fencing,attack dogs,which can run EC$5.000a piece.

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