CDB and Canada Sign Grant Agreement to Support Micro Insurance Catastrophe Risk Organisation
The Caribbean Development Bank (CDB) and the Government of Canada have signed a grant agreement supporting the multi-donor Micro Insurance Catastrophe Risk Organisation (Caribbean Agriculture) Fund. The Canadian Government, acting through the Canadian International Development Agency (CIDA) has approved a contribution of USD1,179,873 to the CDB-administered Fund. The Fund supports the operations of a micro insurance catastrophe risk facility (MiCRO), which is an innovative one-of-a-kind programme that provides parametric insurance to protect microfinance institutions and their micro-credit borrowers in Haiti against losses resulting from natural disasters. CDB's President, Dr. Warren Smith, signed the grant agreement on behalf of the Bank, and Ms. Louise Cl√©ment, Minister Counsellor (Development), CIDA, on behalf of the Government of Canada. The Fund was launched in September 2011, following an initial contribution of USD2,265,876 from the Government of the United Kingdom of Great Britain and Northern Ireland. CAPTION: CDB President, Dr. Warren Smith and Ms. Louise Cl√©ment, Minister Counsellor (Development), CIDA, sign the grant agreement. Looking on is CDB Legal Counsel, Dave Waithe.