(Kaieteur News) – The Development Bank of Latin America and the Caribbean (CAF) has announced the establishment of the Venezuela Recovery and Reconstruction Fund, a dedicated financing mechanism created in response to the earthquakes that struck Venezuela on June 24.

In a statement, CAF said that the fund is designed to consolidate contributions from governments, international organizations, corporations, foundations, and private individuals under a single administrative framework, with resources directed toward priorities set by the Venezuelan government. CAF will seed the fund with an initial USD 1 million commitment and will waive all administrative fees, ensuring that every dollar contributed goes directly toward relief and reconstruction efforts.

The announcement comes on top of US $300,000 in humanitarian aid CAF had already pledged in the immediate aftermath of the disaster.