AIMA Cayman will be donating $50,000 to the R3 Cayman Foundation, which aims to support readiness, relief and recovery efforts in response to emergencies and disasters.
The executive committee of the alternative investment managers association approved the donation, which will assist the private sector emergency-relief fund formed in response to the COVID-19 pandemic.
Businessman Ken Dart helped start the R3 Cayman Foundation with a personal $1 million donation and the commitment to match other donations up to an additional $4 million.
Russell Burt, chair of AIMA Cayman, said the association is supporting government in its actions to stem the spread of COVID-19 in Cayman.
“The stay-at-home restrictions mean that we will need to put on hold our ongoing members education and events program. As a result, we have decided to redirect the budget for those activities towards the R3 Foundation,” Burt said in a press release. “We are very grateful for the hugely generous offer of Mr. Dart to match our donation.”
The R3 Foundation will support government in procuring and funding personal protective equipment and other supplies, and help individuals in distress who have lost income and need financial assistance. The foundation also aims to address immediate economic needs and longer-term economic-development requirements.