Offshore law firm Appleby has advised on the structuring of a new Cayman Islands foundation company established to manage a private sector-led recovery fund to assist the Cayman Islands in the wake of the global COVID-19 pandemic.

The fund received an initial injection of $1 million, a personal donation from Cayman businessman, Kenneth Dart. 

The fund will be managed by the newly established foundation, known as R3 Cayman Foundation. The goal of the fund as listed by the foundation is to “support readiness, relief and recovery efforts in the Cayman Islands in response to emergencies and disasters, such as but not...