The Independent Voice of West Indies Cricket

Jamaica cannot get 150 million for Beryl Relief

sgtdjones 7/9/24, 8:15:32 PM
sgtdjones avatar image

debut: 2/16/17
35,985 runs

Jamaica cannot get 150 million for Beryl Relief

The funds can't be accessed due to the terms of the agreement.
Hurricane Beryl caused widespread destruction in Jamaica last week, downing powerlines, crumbling infrastructure, and upending an estimated $6.4 million in food crops.

But, as Bloomberg recently reported, the nation won’t be able to access $150 million in financial aid from a bond established to cover natural disasters, despite Jamaica’s Prime Minister, the Most Hon. Andrew Holness, declaring the country a disaster. Investors dodged the payout due to the terms of the bond.
“The air pressure required for a payout of the cat bond wasn’t reached,” reads part of an advisory sent to investors from Switzerland-based Plenum Investments, which holds a fund that is exposed to the bond.

Despite the hurricane’s strength, it did not meet the air pressure criteria at any time while over Jamaica.
Bloomberg reports that the World Bank set up the terms.

Bloomberg News
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sgtdjones 7/9/24, 8:17:10 PM
sgtdjones avatar image

debut: 2/16/17
35,985 runs

....

Insurance , Bonds goddamn crooks...evil

Like sodden
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