More than $2 BILLION pledged for Caribbean rebuilding

Over US$2 billion has been pledged to assist the long-term recovery of hurricane-affected countries in the Caribbean.

The funds were promised at the CARICOM-UN High-level Pledging Conference in New York City earlier this week.

Of the total amount, US$1.3 billion was pledges and over $1 billion was inthe form of loans and debt relief.

Support came from almost 400 senior representatives of governments, multilateral and civil society organisations and the private sector, who encored the region to “build back better” as world’s first climate resilient countries.

During the event, former US President Bill Clinton made an appearance, urging the world to help.

Recovery costs are expected to surpass US$5 billion, and in some cases the impact is many times the gross domestic product (GDP) of the damaged nations.

“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,” said CARICOM Secretary-General, Irwin LaRocque.

“The task of rebuilding is beyond us.”

The UN Secretary-General, Antonio Guterres, echoed LaRoque’s sentiments.

“Countries in the Caribbean need support now to rebuild, and to take effective climate action. We need a new generation of infrastructure that is risk-informed, to underpin resilient economies, communities and livelihoods.”

[caption id="attachment_5419" align="aligncenter" width="500"] Barbuda devastated by Hurricane Irma. ©ABS[/caption]

Goals unachievable without funding

Damage from Hurricane Irma in Barbuda are estimated to be at least US$130 million, with recovery needs of over US$220 million.

The tourism sector, which accounts for more than half of the country’s GDP, was severely hit by Hurricane Irma.

“Climate change recognises no borders, size of country or religion of its people. All are involved and all are consumed; but the small, vulnerable, poor are the most affected,” said the twin-island nation’s Prime Minister Gaston Browne.

In Dominica, Hurricane Maria decimated decades of development gains, impacting over 200% of the island’s GDP.

Recovery costs there are estimated at around US$1.3 billion.

“We have the goal of rebuilding Dominica as the world’s first climate-resilient country,” said Prime Minister Roosevelt Skerrit.

“It’s an existential matter for us; it’s the only way forward.”