London Daily

Focus on the big picture.
Thursday, Oct 02, 2025

Dart helps launch COVID recovery fund

Dart helps launch COVID recovery fund

The Dart group has donated $1 million as the first contribution to a new private-sector coronavirus recovery fund.
The economic toll of the virus and the measures to suppress it are already becoming apparent, with many tourism industry workers laid off.

Business leaders forecast that thousands of jobs will be lost across multiple sectors in the longer term.

Governor Martyn Roper made the announcement of Dart’s donation Saturday on a day when Premier Alden McLaughlin warned that Cayman’s borders may not open until next year.

Roper said Ken Dart had also agreed to a further $4 million in “matching funding” if a similar amount could be raised in the private sector.

“This morning, the premier and I met with Ken Dart and I am very pleased to see that there is a private sector-led effort to create a new national recovery fund,” the governor said.

The fund will have four main purposes:

To support the government in procuring and funding personal protective equipment and other supplies;
To support individuals in distress who have lost income and need financial assistance;
To address immediate economic needs;
To address longer-term economic-development needs.
“This is still at an early stage. We are very pleased that discussions are under way to set up a private sector-led fund,” Roper added.

“This signifies Mr. Dart’s long-term commitment to the Cayman Islands. which in times like this is a hugely valuable asset … We are pleased that the private sector is stepping up at this time,” the governor said.

McLaughlin also backed the fund and Dart’s initial contribution, saying he hoped others would join the effort.

“We are talking about a national recovery fund; it is not a Dart fund,” he said. “Hopefully, we can find other like-minded and other financially capable businesses across the community that will also provide support.”

The fund will be run by a private-sector board, with some representation from government.

The premier said government was also doing what it could to provide support to struggling businesses and employees, while urging work-permit holders who had been laid off to try to return home as soon as possible. Another British Airways flight is planned later this month, and flights to Kingston, Nicaragua, Miami and Toronto are all being discussed, according to the governor.

McLaughlin spelled out the stark reality for the tourism industry at Saturday’s press briefing, saying the borders were unlikely to reopen until a vaccine or on-the-spot testing was available.

Directly addressing businesses owners, he said, “It is unlikely that we will have a tourism industry or tourism business for the rest of this calendar year at least.

“If that has been your focus, you need, as far as possible, to think about how you can repurpose your energy, your assets, your resources, to do something else within the local economy which is not dependent on the influx of visitors.

“The borders are likely to stay closed for many more months.”

He said the only things that could change that dynamic were a vaccine, rapid tests that could be used at border checkpoints to see if visitors were carrying the virus, or antibody tests to check if people had already had the virus and built up immunity.

“Absent any of those three things,” he said, “it is going to be impossible to open the borders and say ‘visitors please come, investors please come’.”

He said if the virus could be contained and eliminated locally, the domestic economy could get back in motion.

The premier said there were lots of construction projects that were already funded that could get back up and running if and when it was safe to do so. But, he said, tourism business would not be back in the short to medium term, and reiterated that foreign workers who had lost jobs would be best advised to go home, and return if and when the industry bounces back.
Newsletter

Related Articles

0:00
0:00
Close
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
Nvidia Pledges Up to $100 Billion Investment in OpenAI to Power Massive AI Data Center Build-Out
U.S. Signals ‘Large and Forceful’ Support for Argentina Amid Market Turmoil
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
Vietnam Faces Up to $25 Billion Export Loss as U.S. Tariffs Bite
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Indonesia Court Upholds Military Law Amid Concerns Over Expanded Civilian Role
Larry Ellison, Michael Dell and Rupert Murdoch Join Trump-Backed Bid to Take Over TikTok
Trump and Musk Reunite Publicly for First Time Since Fallout at Kirk Memorial
Vietnam Closes 86 Million Untouched Bank Accounts Over Biometric ID Rules
×