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GEORGE TOWN, CAYMAN ISLANDS – October 10, 2023 - The Ministry of Investment, Innovation, and Social Development is pleased to announce Cabinet approval and publication of the Financial Assistance  Regulations, 2023 and the Financial Assistance (Appeals) Regulations, 2023. Today’s announcement paves the way for the launch of the Department of Financial Assistance later next month. This pivotal step coincides with the one-year anniversary of the passage of the Financial Assistance Act, 2022 in  Parliament on 10 October 2022, which aims to redefine Government’s approach to financial assistance.

On Thursday, 10 October 2024, the Needs Assessment Unit (NAU) will officially transition to the Department of Financial Assistance (DFA), marking a major milestone in the ongoing transformation of financial assistance services in the Cayman Islands. The 10th of October holds special significance, as it not only commemorates exactly two years since the passage of the Financial Assistance Act, 2022, but also exactly one year since the regulations were approved by Cabinet to support the Act.