Bank Fortifies Its Funds Against Hurricane "Beryl" Risks

Last week, Hurricane "Beryl" swept through the Caribbean, leaving small island governments racing to find funding for billions of dollars in damages. In this situation, Stefano Capodagli, the Chief Risk Officer at the Caribbean Development Bank, is working to prepare the institution. The Caribbean Development Bank is one of the largest banks in the Caribbean, as reported by Bloomberg News on Wednesday. Capodagli is trying to fortify regional funds against climate-related disasters through a plan that would add clauses allowing borrowers to pause repayments for at least two years following major disasters, providing funds for reconstruction. The plan also allows the Development Bank to defer repayments on borrowing used to finance loans. The Chief Risk Officer stated, "We are laying the groundwork to deal with natural disasters in a region that is highly vulnerable to the impacts of major hurricanes, as we have seen in the Bahamas, Antigua, Saint Lucia, Jamaica, and other countries."