The Volcanic Eruption Emergency Project {VEEP}, which is being implemented by the Economic Planning Division, will be launched on Thursday this week.
Prime Minister Dr. Ralph Gonsalves, the Minister of Finance Camillo Gonsalves and the Director of Economic Planning, Recardo Frederick are slated to deliver remarks at the launching ceremony.
The event takes place at the NIS Conference Room from 9:30am on Thursday.
The VEEP Project is to support St. Vincent and the Grenadines’ efforts for restoration and delivery of critical services and support-resilient reconstruction – in response to the April 2021 explosive eruptions of the La Soufrière Volcano.
VEEP will be executed in three components:
Component 1 – Early Recovery Income Support Programme (ERISP)
Component 2 – Restoration and “build back better” of critical services; strengthening of emergency preparedness and response capacity
Component 3 – Project Management
VEEP is financed by the World Bank through an International Development Association (IDA) credit of US$ 40 million, and co-financed by the EU-funded Caribbean Regional Resilience Building Facility (managed by the Global Facility for Disaster Reduction and Recovery) to the amount of approximately US$ 2 million.
The implementing agency for VEEP is the Economic Planning Division through the Public Sector Investment Programme Management Unit (PSIPMU). The Economic Planning Division falls under the remit of the Ministry of Finance, Economic Planning and Information Technology.
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