ECCB to provide monetary support of $1 Million to Grenada and St Vincent and the Grenadines

The Monetary Council of the Eastern Caribbean Central Bank (ECCB) made available the grant funds of $1 million each for disbursal to Grenada and St Vincent and the Grenadines in a bid to immediately provide much-needed critical relief.

This is expected to be disbursed to the countries that have been left reeling under the weight of the impact that Hurricane Beryl has had on them, according to the recommendation of the ECCB Board of Directors.

Although just barely falling short of Category 5 strength with sustained winds of 150 mph, the extremely powerful Category 4 Hurricane Beryl made landfall in the Grenada area on July 1, 2024, resulting in colossal widespread destruction not only on the islands but also in Carriacou, Petite Martinique, St Vincent and the Grenadines, Union Island, and Mayreau.

The rampage left great numbers of people dead and created massive damage to infrastructure, with many communities needing urgent assistance.

The ECCB, being the supervisor and regulator of the financial system within the Eastern Caribbean Currency Union (ECCU), has expressed deep solidarity and empathy with the member countries affected. This is going a little further than offering just monetary assistance; the bank is also advising its licensees, the banks, on how to support the customers affected by the hurricane.

Governor of the ECCB, Timothy NJ Antoine, shared words full of resiliency and hope: “The pain being experienced by Grenada and St. Vincent and the Grenadines is deep, and the situation is heart-wrenching. However, we are comforted in knowing that our resilience as a people is time-tested and strong. We also know, with God’s help and our hard work, we shall rebuild stronger.”

The release of these grants is an important measure towards recovery in the sense that this would provide impetus and much-needed support to help meet the short-term needs of the affected states. By doing so, the ECCB has lived up times, without number to its commitment in supporting member countries in times of crises, fortifying its position in affirmation that unity has strength and only by collective action can the region dare the world’s odds.

ECCB support will be vital for assisting the countries of Grenada and St Vincent and the Grenadines to start on their arduous journey toward reconstruction from such a natural calamity.