Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE has said that the setting up of the Recovery and Development Agency (RDA) as a body with an independent board will allow for greater efficiency.
Premier Smith said, “The agency being established through legislation and managed by an independent board supported by a secretariat, will be responsible to the House of Assembly, and will make for delivery of activities in a transparent and accountable manner, as well as at the same time instill donor confidence.”
The Premier added that the setting up of the agency is also in keeping with international best practice in situations where such extensive damage is experienced in a country and has been around for years.
The House of Assembly will be responsible for bringing the agency into effect by statute as well as to approve projects carried out by this body.
A ring-fenced Resilience Fund will be established to hold funds in custody for the BVI recovery efforts, which will be accessed by the agency. The body will also rely on the contributions from a variety of sources including investors, donors, financial institutions as well as individuals and corporations to support the implementation of the activities outlined in the Recovery and Development Plan.
The funds will be disbursed for the implementation of activities included in the Recovery and Development Plan, based on approval of the board of the agency.
The multi-stakeholder nature of the board will allow for decisions to be taken in an impartial and transparent manner while preserving the integrity of the Recovery and Development Plan.
The agency will be disbanded once its work is completed.