Dominica's Vulnerable Risk Fund Will Ensure Island is Self-Reliant in the Event of Natural Disasters
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LONDON, April 21, 2021 /PRNewswire/ -- During a government programme on Sunday, Prime Minister Roosevelt Skerrit spoke to local journalists on the Commonwealth of Dominica's economic growth. According to Prime Minister Skerrit, while the nation's economy is improving after the downturn of the coronavirus, it is important to put the island's financial system into context, particularly after recovering from multiple weather disasters in the last few years.
Since last October, the government has channelled half a million dollars into the Vulnerable Risk Fund to utilise in the event of a natural disaster. Prime Minister Skerrit noted that this would give the island immediate access to funds rather than relying on international bodies like the International Monetary Fund.
The Fund was established using tax revenue and money generated from Dominica's Citizenship by Investment (CBI) Programme. "[...] With the aim of building greater resilience in self-financing, rehabilitation and recovery, after disasters and external shocks that the Government of Dominica proposes to establish a Vulnerability Risk and Resilience Fund. For such a facility to be sustainable, it must be appropriately designed and managed. The IMF is now providing technical assistance to the Government, to establish the Fund," reads the official government website.
Climate resilience is high on the list of government priorities and intrinsically linked with the future of Dominica's economy. Following the tragedy of Hurricane Maria in 2017, the small island has committed itself to become the world's first climate-resilient nation and align with the United Nations' Sustainable Development Goals. In the last few years, Dominica has built over a thousand weather-resistant homes for its citizens, sustainable infrastructure, and it is in the process of developing a geothermal plant that will boost the nation's renewable energy potential. Much of these efforts are financed by funds raised by wealthy investors under the country's CBI Programme.
Established in 1993, Dominica's CBI Programme has welcomed foreign investors and their families to become legal citizens of the nation after contributing to either a government fund or buying into selected real estate properties. The government fund requires a one-time non-refundable investment with all revenue channelled back into national development in housing, healthcare, education, tourism and more. In exchange, investors become lifelong citizens of Dominica once passing the necessary security checks. Benefits of being a Dominican citizen include visa-free or visa-on-arrival travel to over 140 destinations, the right to live, work and study on the island and lastly, the ability to pass citizenship down for generations to come.
Over the last year, the demand for second citizenship has skyrocketed with many Americans renouncing their US citizenship for greener pastures. Dominica has become an ideal destination for American investors looking for an idyllic setting that prioritises sustainable development.
SOURCE CS Global Partners
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