The Organization of Eastern Caribbean States’ Commission has applauded the ground breaking Memorandum of Understanding signed at COP 27 between the African Risk Capacity Limited, the Caribbean Catastrophe Risk Insurance Facility SPC and the Pacific Catastrophe Risk Insurance Company.
The signing of such a landmark MOU between institutions of the Global South is an important step in the right direction not simply to raise the visibility of the signatories, but also in demonstrating the commitment of developing countries and regional institutions to undertake other initiatives in order to address critical areas of climate catastrophe.
The pooling of risk of these three institutions will certainly create a more viable network and will enable us to scale up disaster risk finance to make wider and greater provision to the most vulnerable sectors in our societies.
Additionally, this institutional collaboration represents a further deepening of the burgeoning relationship between Africa, the Pacific and the Caribbean.
