00:00While municipal corporations in TNT are focusing on collecting food, water and other physical relief items for earthquake-stricken Venezuela,
00:09First Citizens Bank is building a long-term financial bridge to sustain the recovery.
00:13The bank officially opened a specialized Venezuela Disaster Relief Fund last Friday, allowing the public to give directly via online
00:21transfers or over-the-counter deposits.
00:24But moving this financial capital into the disaster zone will require serious coordination.
00:30Group Chief Executive Officer of First Citizens, Jason Julian, tells us,
00:34There is a current situation on the ground that may require urgent need, and it may be easier to ship
00:40the goods than to send the money to then try and acquire the goods.
00:44Or it could be that after funds are accumulated, that we will wire transfer in coordination with the central bank
00:51hard currency to the appropriate persons.
00:54Because our local currency cannot be used directly across the border, FTP must coordinate closely with the central bank to
01:02convert donations into hard international currency, most likely U.S. dollars.
01:07Julian explains that the bank will be working directly under the guidance of the Venezuelan ambassador to evaluate what works
01:14best.
01:15Options include wiring the funds or using the cash to pay local vendors for durable goods and infrastructural supplies to
01:23be shipped across the Gulf.
01:25Asked how long the account could remain in place for, Julian cites a similar experience with Hurricane Melissa in the
01:31Bahamas.
01:31He says, from our experience, this could take as long as a year, because remember, while we're talking right now,
01:39there is mobilization and need.
01:41But of course, it is a significant earthquake and event that they had.
01:46And what you would find is that the coverage for that would only come from insurance as well as development
01:52type funding.
01:53End quote.
01:54Economic damage in Venezuela is estimated by the United Nations to be as high as 8 billion U.S. dollars.
02:00For citizens, notes that this fund was not born out of a single directive, but rather a collaborative national partnership
02:08alongside manufacturers, state entities and non-governmental organizations.
02:13As the disaster relief account enters its first full week, bank officials say the platform will remain active for as
02:21long as necessary, keeping local avenues for solidarity open for the long haul ahead.
02:26For people wanting to donate to the FCB account, they can do so under account name Disaster Relief Fund Venezuela
02:34using account number 320-9042.
02:40Alicia Boucher, TV6 News.
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