The Development Bank of Latin America and the Caribbean (CAF) announced the creation of the Venezuela Recovery and Reconstruction Fund, which will begin with a seed capital of $1 million.

This amount is in addition to the $300,000 allocated by the organization as humanitarian aid to assist the population after the earthquakes of June 24. The priorities are to respond to the urgent needs in the country, and to carry out recovery and reconstruction after the natural disaster.

This is “a mechanism designed to gather and channel public, private, and international community contributions toward priority needs” following the earthquakes that struck on Wednesday, June 24.

In this regard, the Fund “will allow for contributions from governments, international organizations, companies, foundations, individuals, and other partners, pooling them under a common framework for administration and accountability, and directing them toward the initiatives defined and prioritized by the Government of Venezuela.”

Sergio Díaz-Granados, Executive President of CAF, stated that the mechanism was designed to adapt to the different stages of the response, with immediate attention in the first stage, “through humanitarian aid, essential supplies, and support for the institutions in charge of the emergency. Subsequently, the rehabilitation of critical services in areas such as health, water and sanitation, energy, education, and connectivity; and finally, recovery and resilience, with a focus on early reconstruction, the restoration of livelihoods, and reducing vulnerability to future events.”

M.Pino

Source: caf

(Reference image source: Barthelemy de Mazenod on Unsplash)

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