Ecuador creates a trust for disaster management
A trust is a legal arrangement that ensures that funds are utilized for a specific purpose. In Ecuador, the Chamber of Industries and Production (CIP or Cámara de Industrias y Producción) created a trust to bolster the country’s ability to prepare for, respond to and recover from disasters.
A new initiative for disaster and emergency response
In 2023, CIP formed the Business Sector Trust for Disaster and Emergency Response (FISESPADE or Fideicomiso del Sector Empresarial Para Atención de Desastres y Emergencias). The objective of FISEPADE is to receive, organize and deliver donations made by the private sector in situations of preparation, early warning, humanitarian response and recovery in the face of large-scale emergencies both within and beyond Ecuador’s borders.
This legal structure makes it easier to receive and channel donations with greater transparency. Furthermore, it ties in with CIP’s commitment, as a collective, to strengthen their governance and, thereby, the country’s capacity to collect and deliver support to affected communities in a timely manner and according to corresponding needs. The donations can be financial or take various forms, ranging from medical equipment to humanitarian supplies, food and more.
“With the FISEPADE, we seek to promote transparency and strengthen governance in situations of emergencies and disasters because it is essential to establish effective coordination that involves both the public and private sectors,” comments Pablo Jiménez, Executive Vice President of CIP. “The creation of a comprehensive guide, which serves as a reference for the management of emergencies and disasters by companies, becomes a crucial tool in this context since it can provide institutionality to the process as well as play a fundamental role in supporting the public sector in the response and mitigation of emergency situations.”
FISEPADE was launched with contributions from CIP and two affiliated companies, City Bank and Galapagos Islands Operators. The trust is now open to further contributions.