The Cayman Islands Government and the National Recovery Fund delegates signed a historic accord Wednesday, which paves the way for much needed post-Ivan money.
Overseas sources confirmed that the Cayman Islands is the first Overseas Territory Country to have requested c-envelope funding from the regional emergency fund under the 9th European Development Fund.
The closed-door meeting is thought to have included the Leader of Government Business; Kurt Tibbetts, the Governor; Stuart Jack as Chairman of the NRF and members of the NRF Board of Trustees Huw Moses and Conor O’Dea.
Having signed the grant contract, the government and the NRF, as implementation agency, will be sending it to the European Commission Delegation in Jamaica along with a request for the initial payment.
Once the contract is received, the delegation will then authorise the release the first tranche of long-awaited European Union money, which amounts a little more than CI$4.1 million.
It is further understood that the Recovery Fund will be able to draw down the money within 60 days of the delegation having received the outstanding paperwork.
This latest agreement follows the signing of the Financing Agreement between the Cayman Government and the Commission earlier this year.
Delegation sources advised that the National Recovery Fund will be able to draw the second tranche of c-envelope grant once 75 per cent of the initial monies have been spent.
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