The government of the Cayman Islands has announced the establishment of an independent trust fund to accept monetary donations for relief and reconstruction following Hurricane Ivan.
The trust, known as the ‘The Cayman Islands National Recovery Fund’ will benefit those who were injured, rendered homeless, destitute or otherwise adversely affected by the hurricane, and will additionally further the social, educational, economic, religious and environmental recovery of the Islands.
An US Dollar and a Cayman Islands Dollar current account will be established at each of the local clearing banks. The first of these accounts has already been established with the Cayman National Bank.
Overseas donations can be routed via Citibank in New York, London and Toronto.
Announcing the creation of the trust, the Financial Secretary of the Cayman Islands, George McCarthy, explained:
“The Cayman Islands National Recovery Fund will be administered by a Board of Trustees pursuant to the Trusts Law of the Cayman Islands.”
The Governor of the Cayman Islands, Mr Bruce Dinwiddy, chairs the board of Trustees which includes among others the Leader of Government Business McKeeva Bush; the Leader of the Opposition; the Speaker of the Legislative Assembly; and the Financial Secretary.
Mr. McCarthy noted that the Cayman Islands National Recovery Fund is the only officially recognised account into which donations should be channelled.
“We know that there are individuals, agencies and businesses that have set up accounts to assist the Cayman Islands at this difficult time. We are very grateful for these efforts and hope that they continue,” stated Mr McCarthy.
However, he added: "The Government of the Cayman Islands and the Board Trustees of the Fund simply request that these funds be transferred to The Cayman Islands National Recovery Fund. This will enable the Board of Trustees to know the full extent of donated funds available for the recovery effort.”
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