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Hurricane-hit Caribbean islands get financial support
Caribbean nations hardest hit by twin Hurricanes have been assured of more than $2 billion to underwrite rebuilding efforts.
At a donor conference held by the United Nations and CARICOM, donor nations will give $1.3 billion in aid and at least $1 billion in loans and debt relief.
"The magnitude of reconstruction will require significant levels of financing which we are unable to generate on our own," CARICOM Secretary-General, Irwin LaRocque told delegates this week.
"Countries are highly indebted, with limited access to financing due to their middle-income status. The task of rebuilding is beyond us."
Funds promised is still short of what is needed.
UN initial estimates say Dominica, Barbuda and the British Virgin Islands alone need about $5 billion to rebuild.
Pledges include $702 million from The Netherlands, $352 million from the EU, $140 million from the World Bank and $78 million from Canada.
The US will donate just $4.3 million.
UN Secretary General Antonio Guterres also said the region needs additional support to mitigate the effects of climate change now.
"We need a new generation of infrastructure that is risk-informed, to underpin resilient economies, communities and livelihoods," he said.
"Climate change recognizes 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 Antigua and Barbuda prime minister Gaston Browne.
"We small island developing states will never achieve the sustainable development goals unless there’s funding for climate-resilient communities."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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