Government now has access to just over $26 million from Cayman’s Environmental Protection Fund. Its current balance stands at just over $55 million.
This week legislators approved a withdrawal of $10 million from the fund. Bodden Town West MLA Chris Saunders abstained from the vote and there were two absentees.
Government already has the approval to access $10 million from the fund for the remediation of the George Town landfill, as well as, a further $6.1 million for land conservation purchases. All of which is yet to be used.
Financial Secretary Kenneth Jefferson assured the Committee that the fund will have some reserves heading its way. “So if there were no further requests during 2019 we would expect the Environmental Protection Fund at the end of December 2019 to be approximately $42.2 million,” he said.
The approved withdrawal is expected to be used for further land conservation purposes.