The objective of the Pacific Resilience Program Project (PREP) for Marshall Islands is to strengthen early warning, risk reduction and resilient planning and financial protection capacity of participating countries.The Grant finances the annual premia cost of USD 0.5 million or year for three years to provide insurance coverage against tropical cyclones and earthquakes or tsunamis until 31st October 2018.
... See More + The premia for the first two years have been paid throughdisbursements from the Grant. Project implementation is progressing satisfactorily and the PDO is expected to be achieved. The project is in compliance with Bank fiduciary and safeguard policies. There are no overdue audit reports and no significant unaddressed audit observations.
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The development objective of the Pacific Resilience Program Project for Samoa is to strengthen early warning, resilient investments, and financial protection of Samoa.
... See More + The project comprises of four components. The first component, strengthening early warning and preparedness (estimated cost including contingencies objective is to increase the resilience of the participating phase one countries and the Pacific region as a whole to natural hazards such as cyclones, coastal and riverine flooding, volcanic eruptions, tsunamis, and earthquakes by improving the quality of forecasting and warning services as well as disaster preparedness. The second component, risk reduction and resilient investments (estimated cost including contingencies will finance entry level resilient investments, such as the retrofitting of public buildings (for example, schools, health centers) to meet internationally accepted building standards for resilience (including appropriate consideration of gender requirements). The third component, disaster risk financing objective is to strengthen the financial resilience of the participating Pacific Island countries (PICs) to disaster events by enabling them to secure access to immediate liquidity post disaster for low, medium, and high risk events. The fourth component, project and program management objective is to provide efficient and effective implementation support to the projects in each country, including staff, operating costs, monitoring and evaluation, and the cost of audits.
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The objective of the Pacific Resilience Program Project (PREP) for Marshall Islands is to strengthen early warning, risk reduction and resilient planning and financial protection capacity of participating countries.
... See More + The Pacific Region is home to twenty-two island states, all of which are vulnerable to the impacts of climate change and natural disaster events. Pacific Island Countries (PICs) are susceptible to natural hazards such as tropical cyclones, flooding, tidal surges, droughts, volcanic eruptions, earthquakes and tsunamis, which can result in disasters that affect their entire economic, human, and physical environment and impact their long-term development agenda. Climate change projections suggest that the Pacific will face an even greater intensity of weather and climate-related hazard events in the coming years, making PICs among the most physically vulnerable nations in the world. The social and economic losses as a result of extreme events, paired with high population growth and rapid urbanization of the region, are likely to contribute to more people being affected by disasters and climate change. Hence, there is widespread acceptance of the need to strengthen disaster early warning and preparedness, and to mainstream disaster risk and climate change into development planning and financing.
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