Ralph Lewis CIDB General Manager

The Cayman Islands Development Bank (CIDB) this week announced a Hurricane Relief Programme (HRP) to assist its customers in the Sister Islands in the aftermath of Hurricane Paloma.

The CIDB said the financial relief would be offered to affected residents and business proprietors on Cayman Brac and Little Cayman who were badly affected by the storm’s passage on Saturday.

CIDB announced that effective immediately there is a moratorium on interest and principal repayments for all existing customers’ loans on the Sister Islands for a period of six months. There is also a two percent interest rate reduction on all new loans granted to customers in the Sister Islands.

The bank also said that relief is available in the form of $50,000 secured operating credit line for small businesses and $25,000 secured credit line for farmers in Cayman Brac and Little Cayman.

The CIDB will have a dedicated HRP Coordinator in place on Cayman Brac shortly.

Board Chairperson Vanessa Godfrey-Banks said it is part of the CIDB to assist in the development of the Cayman Islands’s economy.

“Providing assistance to the Sister Islands in this time of dire need speaks directly to our reason for being. It is therefore essential for CIDB to lead this important initiative during this critical time in Cayman Brac and Little Cayman,” she said.

A key element in the recovery process is the speed at which relief is delivered to affected areas.

“Relief, in all its forms, including financing, is necessary in the immediate aftermath of a disaster,” said Ralph Lewis, CIDB General Manager.

“A great challenge facing consumers is the availability of disposable income during these disastrous times when the need to purchase supplies is a priority. We have established a customer base in the Sister Islands and remain committed to providing financial assistance especially in this crisis.”

The Minister for Commerce Hon Charles Clifford, who toured Cayman Brac on Sunday, compared the devastation to what Grand Cayman suffered during Hurricane Ivan in 2004. “Given our prior experience we fully appreciate what it takes to recover from such heavy losses. We will make every tangible source of support available to the people of Cayman Brac and Little Cayman to aid in their recovery,” he said.

“While the CIDB is doing all it can, we fully expect that commercial banks will consider similar action to aid in the recovery of our Sister Islands.”

For more information on this programme and to make an appointment to meet with Mr Lewis and other CIDB representatives in Cayman Brac on Thursday, 13 November, please contact the Disaster Coordinator Rhonda Conolly at 814 6262 or Mr Lewis at 814-6269.