September 11, 2008 No. 21/08 - G NEWS RELEASE CDB OFFERS HURRICANE RELIEF ASSISTANCE The Caribbean Development Bank (CDB) is offering financial and technical assistance to its borrowing member countries which have been affected by the recent passage of Hurricanes Gustav, Hanna and Ike. The Bahamas, Jamaica and the Turks and Caicos Islands are among the Caribbean nations trying to recover from the impact of the hurricanes. CDB President, Dr. Compton Bourne, says "We very much regret the loss of life, the reported injuries and the damage done to social and economic infrastructure." He has written the countries' leaders offering the Bank's assistance, in accordance with its Natural Disaster Management Policy. It comes in the form of grants to each country of USD100,000 to assist with emergency relief, and USD500,000 immediate response loans for clearing and cleaning affected areas and for emergency restoration of services. CDB would provide the engineering consultants to conduct independent inspection and certification of works. Dr. Bourne has told the government leaders that after a detailed assessment of the damage caused to the social and economic infrastructure, CDB can work with them "to develop an effective recovery strategy and financing for a programme of rehabilitation works." He has also assured them that members of the Bank's staff stand ready to travel there at the countries' earliest convenience.