Grenada is benefitting from reduced premiums payable to the Caribbean Catastrophe Risk Insurance Facility (CCRIF) in 2020 and 2021.
This is made possible by the European Union which has provided a grant of US$11 million for premium support for Grenada and other Caribbean members of CCRIF.
The EU is providing the grant through its Regional Resilience Building Facility, which is managed by the Global Facility for Disaster Reduction and Recovery and the World Bank.
40% of the EU’s grant for Grenada has been applied to the 2020-2021 CCRIF premium, reducing the amount payable by US$173,000. The remaining 60% will go towards the 2021-2022 premium.
Prime Minister and Minister of Finance, Dr the Right Honourable Keith Mitchell, has welcomed the EU grant, saying it is a timely gesture. “He said, “Even as we continue to deal with the debilitating impact of the pandemic, government must continue to fulfil its obligations and one such responsibility is payment of the CCRIF premium which is due at the start of the hurricane season. Grenada’s premium to CCRIF this year is US$1.4 million and the discounted premium that the EU grant affords us, will enable government to reallocate existing resources to other priority areas. The Government of Grenada is very appreciative of all efforts by international donors and partners who are committed to helping us weather this crisis.”
CCRIF was created in response to Hurricane Ivan in 2004 and according to its website, it serves to limit the financial impact of natural hazards for governments by providing short-term liquidity when a policy is triggered. CCRIF provides parametric insurance policies for tropical cyclones, earthquakes, excess rainfall and the fisheries sector.
Office of the Prime Minister
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Grenada should get a chance to benefit on reducing illiteracy for high degree and higher learning Education.
It is a bigger risk when people in a country are living beyond their means and lack of skills and tools without no hopes and dreams to build the country .
No country survives without death and Grenadians are afraid of what they cannot run from , financial death. What does it cost to educate the people to build Grenada and know how to account for their own wellbeing . Do leaders need god to come down and tell them to educate the people and to find aid or make death to build local universities of high degree education for the minds of the people in the nation to make individual citizen of that country rich enough with tools making skills to handle financial death by being innovative and prepared with vision to see what Grenada needs most and why.
Hundreds of years of knowledge is needed in technology and the longer we take to program and train our thoughts our future in financial problems and deaths will be far greater than now.
Build the first university for all major engineering studies of sciences. Grenada needs to develop its people so that the country will import less and invent more products from the land and garbage recycling waist can be studied to cut cost . Up lift the people and give them the the opportunities that professionals need as a profession . start qualifying people to be able to make changes and adapt to the world of death payments every country must experience in order to go forward and grow as a nation. Time to build Grenada by investing in the people. Even if they cannot find a job upon finishing university it is better to have an educated population where many can be creative on their own risk instead of being uneducated and being idle .
Stop people from living in wonder land and the wish world without a dream and no hope.
Ok better you leave it
Too bad! You have already remove my comment.
EU should help more Italy and other country of Europe where was really a catastrofe . Here in Antilles there is absolutely no disaster. Just few cases imported. And it is not morally wright to take advantage of the situation.
Absolutely no disaster in the Antilles. Unless you consider the catastrophic decline in tourist revenue to be disastrous, given that we will all starve if it continues, and there’s no end in sight yet gorshure…