OECS Commission applauds MOU signed at COP27 that sees global risk pools join forces to raise visibility and influence

The Commission of the Organisation of Eastern Caribbean States applauds the ground-breaking MOU signed at COP 27 between African Risk Capacity Limited, The Caribbean Catastrophe Risk Insurance Facility SPC and Pacific Catastrophe Risk Insurance Company.

The signing of such a landmark MOU between institutions of the Global South is an important step in the right direction not simply to raise the visibility of the signatories, but also in demonstrating the commitment of developing countries and regional institutions to undertake other initiatives in order to address critical areas of climate catastrophe.  The pooling of risk of these three institutions will certainly create a more viable network and will enable us to scale up disaster risk finance to make   wider and greater provision to the most vulnerable sectors in our societies. 

Additionally, this institutional collaboration represents a further deepening of the burgeoning relationship between Africa, the Pacific and the Caribbean.

“The OECS Commission expresses its unreserved support and commitment to the success of this venture” – Director General, Dr. Didacus Jules.

OECS Communications Unit

Organisation of Eastern Caribbean States

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About The Organisation of Eastern Caribbean States

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The Organisation of Eastern Caribbean States (OECS) is an International Organisation dedicated to economic harmonisation and integration, protection of human and legal rights, and the encouragement of good governance among independent and non-independent countries in the Eastern Caribbean. The OECS came into being on June 18th 1981, when seven Eastern Caribbean countries signed a treaty agreeing to cooperate with each other while promoting unity and solidarity among its Members. The Treaty became known as the Treaty of Basseterre, so named in honour of the capital city of St. Kitts and Nevis where it was signed. The OECS today, currently has eleven members, spread across the Eastern Caribbean comprising Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia, St Vincent and The Grenadines, British Virgin Islands, Anguilla, Martinique and Guadeloupe. 

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