70951
                                               Colombia

                   Second Disaster Risk Management Development Policy Loan
                with a Catastrophe Deferred Drawdown Option (DPL - CAT DDO)

                                    SUMMARY OF DISCUSSION∗

                                  Meeting of the Executive Directors

                                              July 10, 2012


       The Executive Directors approved the Second Disaster Risk Management Development
Policy Loan with a Catastrophe Deferred Drawdown Option for the Republic of Colombia in the
amount of US$250 million on the payment terms and conditions set out in the President’s
Memorandum (R2012-0136).

        Directors expressed support for the loan to proactively address disaster risk through a
long-term contribution to the country’s national framework on disaster risk management and its
catastrophe risk financing strategy. Directors encouraged continued attention to reducing fiscal
vulnerability to disasters in order to sustain Colombia’s progress in poverty reduction and
economic growth.




∗
    This summary is not an approved record.