CAF – the Development Bank of Latin America and the Caribbean has announced the creation of a US$1 million Venezuela Recovery and Reconstruction Fund to support the country’s recovery following the powerful earthquakes that struck on June 24.

The new fund is in addition to the US$300,000 in humanitarian assistance previously announced by CAF to aid emergency response efforts.

According to the regional development bank, the fund will serve as an agile and transparent mechanism for mobilising financial support from governments, international organisations, businesses, foundations and private donors. The resources will be directed towards recovery and reconstruction projects identified and prioritised by the Government of Venezuela.