Caribbean Development Bank Pledges $1 Million for Venezuela Earthquake Reconstruction

The Caribbean Development Bank (CDB) has committed $1 million to Venezuela's reconstruction fund, a crucial initiative established by the Development Bank of Latin America and the Caribbean (CAF) to channel resources for earthquake recovery. The fund aims to ensure transparency and accountability by consolidating contributions from governments, international organizations, businesses, foundations, and individuals.

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In this moment of profound loss and adversity, it is important that we stand in solidarity with the government and people of Venezuela and provide them with support as they begin the arduous process of rebuilding.

CDB President Daniel M. Best emphasized the bank's immediate response to the magnitude of the emergency. "In this moment of profound loss and adversity, it is important that we stand in solidarity with the government and people of Venezuela and provide them with support as they begin the arduous process of rebuilding," Best stated. He highlighted the collaborative effort with CAF, showcasing the capacity of multilateral organizations to innovate and respond effectively to humanitarian crises and support long-term recovery.

Best also noted the fund's particular significance due to the CDB's relationship with Venezuela. "Equally important, this initiative provides the Bank with an opportunity to support a non-borrowing regional member in its time of greatest need, reaffirming that regional solidarity extends beyond traditional financial relationships," he added. CAF's Executive President, Sergio Díaz-Granados, expressed gratitude for the contribution, stating it will "directly support priority recovery efforts" and hoping it inspires other partners to join the collective endeavor.

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Equally important, this initiative provides the Bank with an opportunity to support a non-borrowing regional member in its time of greatest need, reaffirming that regional solidarity extends beyond traditional financial relationships.

The fund, which began with a seed contribution of $1 million, will not charge commissions, ensuring all resources are directed toward emergency response, essential service rehabilitation, and long-term reconstruction. This initiative comes as Venezuela grapples with the aftermath of earthquakes that caused significant casualties and displacement, with physical damage estimated at $19.6 billion by the World Bank.

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We hope it inspires other partners to join this collective effort.