Published On: Mon, May 6th, 2019

World Bank trust fund disbursed $21 million in first six months

Former Labor Office Building - front

PHILIPSBURG -- Sint Maarten needs $2.3 billion for the next seven years to overcome the impact of Hurricane Irma. This estimate was already published last summer in the country’s National Recovery and Resilience Plan (NRRP), but it has now been adopted in the first interim report of the Sint Maarten Recovery, Reconstruction and Resilience Trust Fund. While the World Bank trust fund has made an initial $35 million available to solve the problems at the landfill on Pond Island, the NRRP estimates that it actually requires $190.9 million - 8.23 percent of the estimated damages of $2.3 billion.

Per November 2018, the Trust fund had received $305.7 million into the trust fund from the Netherlands. The investment income from this capital is listed as $1.8 million, the World Bank’s administration fee as $3 million. For operational activities the trust fund disbursed $20.3 million and for non-operational activities $760,871.

From the allocated budget of $110.2 million (between April and November 2018) the trust fund disbursed $21 million - $10.5 million for emergency recovery, $492,174 for hospital resilience and $6.7 million for income support and training. Advisory services and analytics ($646,094), preparation, implementation and support ($1.8 million) and program management and administration ($760,871) slurped up another $2.4 million.

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