The CAF-Development Bank of Latin America and the Caribbean has launched a Venezuela Recovery and Reconstruction Fund with an initial contribution of US$1 million, as governments, humanitarian organisations and members of the Venezuelan diaspora mobilise to respond to one of the country's worst natural disasters in recent history.

The fund, announced on Friday, comes just days after two powerful earthquakes measuring 7.2 and 7.5 magnitude struck northern Venezuela on Wednesday evening, collapsing buildings, killing hundreds and leaving thousands more missing. Authorities fear the death toll could rise significantly as rescue efforts continue.

CAF said the new mechanism is designed to gather, mobilise and channel public, private and international contributions toward the country's recovery priorities following the June 24 disaster. The initiative is in addition to US$300,000 in humanitarian assistance already announced by the bank to support emergency response efforts.