The Commonwealth Bank of Australia (CBA) is poised to invest a whopping $500,000 into coastal communities in New South Wales that were plunged into untold distress by the bushfire crisis last summer.
Australia’s biggest bank is set to pump $500,000 to south coast communities in NSW that were severely affected by the Black Summer wild bushfires.
The bank’s investment will be channeled through its grants program for bushfire recovery and is expected to finance up to $10 million in recovery projects alone.
Local institutions that have already received grants include the Bega-based Foodbank, Lifeline South Coast and Narooma Surf Life Saving Club.
According to Commonwealth Bank of Australia’s head of community investment Mr Nathan Barker, a good number of small communities were still feeling the painful effects of the bushfire spell.
“While it’s been about six months since the bushfires devastated areas along the NSW south coast and beyond, it’s by no means over for those affected,” Mr Barker stated.
“A number of these communities still face the difficult task of rebuilding, something that hasn’t been made any easier by the impact of coronavirus.”
Bushfire recovery grants in Australia are available to communities and businesses affected by the unprecedented 2019/20 summer bushfire catastrophe which ravaged through Queensland all the way to South Australia. Each grant consists of up to $50,000.
The Insurance Council of Australia later labeled the dangerous bushfires as catastrophic, after the crisis led to thousands of claims for damages that were filed by those impacted by the bushfires. By mid-January this year, the total claims from the fires were estimated at over $700 million.