LONDON, Aug. 5, 2021 /PRNewswire/ -- Last week, Prime Minister Roosevelt Skerrit presented Dominica's annual budget for the fiscal year 2021-2022. During the parliamentary session, he also provided an update on various measures introduced last year, most notably, the Vulnerability Risk and Resilience Fund - an initiative aimed at financially supporting the island in the case of weather disasters.
According to the Prime Minister, the Vulnerability Risk and Resilience Fund stands at a balance of $5 million as of July 28th. Established in October 2020, it uses revenue generated from Dominica's Citizenship by Investment (CBI) Programme, which deposits $500,000 into the Fund monthly. This venture directly aligns with Dominica's commitment to becoming the world's first climate-resilient nation with the United Nations' Sustainable Development Goals.
"In the event of a disaster, this Fund will give the country some degree of cushion and an immediate pool of funds from which to draw. It is this Government's intention to increase the monthly contribution when the economy improves. Government shall also mandate every Government-owned company and statutory corporation to establish a similar Vulnerability Risk and Resilience Fund," stated PM Skerrit.
Building resilience has been a high priority for the Government, demonstrated in the level of investment channelled into the sector. In recent years, Dominica has invested in constructing a geothermal plant, thousands of weather-resistant homes for its population, sustainable infrastructure and strengthening its eco-tourism industry. Much of these endeavours have been significantly supported by the island's CBI Programme.
Operating for over two decades, Dominica's CBI Programme has welcomed individuals and families to become citizens of the island once contributing to either a government fund or through the purchase of pre-approved real estate. After undergoing the necessary vetting process, successful applicants gain visa-free or visa-on-arrival travel to over 140 destinations or approximately 75 percent of the world. Additionally, investors gain the right to live, work and study in the country along with the ability to pass citizenship down for future generations.
Dominica's currency is pegged to the US dollar, making it a financially stable nation ideal for setting up businesses. Aside from the economic incentives, those who choose Dominica rest assured that they are investing in a nation dedicated to achieving global goals.
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