Governments now have access to a large and growing range of financing instruments for rapidlymobilizing funds in the aftermath of a disaster.
... See More + Instruments like reserve funds, contingent linesof credit, and insurance programs are critical for financing relief, recovery and reconstruction efforts, and they have a demonstrated impact on the ability of governments to manage large-scale disasters. The availability of financial resources however, is only half of the story. The capacity of a government to support post-disaster recovery and reconstruction depends substantially on its ability to deliver these resources effectively to where they are needed. Doingso requires that governments are prepared before a disaster hits, with the right instruments, institutions, and capacities in place. By preparing contingency plans, defining responsibilities, adopting appropriate regulations and norms, enhancing financial inclusion and insurance regulations, and establishing flexible and gender-inclusive social protection systems, governments could improve the reconstruction process and generate over 173 billion dollars per year inbenefits. There are major synergies between the financial instruments that make the resources available and the systems that deliver these resources where they are needed. In the next few years, the design and implementation of new financial instruments will offer an unprecedented opportunity to improve the last-mile delivery of post-disaster support. This opportunity should not be missed.
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The objective of the Pacifice Resilence Project Under the Pacific Resilience Program is ‘to strengthen the financial protection of the Republic of the Marshall Islands’, and the project is designed to finance part of the Government of RMI’s insurance premia for catastrophe risk insurance products.
... See More + The additional grant will finance part of the costs associated with scale-up of activities under part one (premiums financing) of the project, enhancing its impact by covering the payment for the disaster insurance premiums for an additional five years, to provide insurance cover until October 2023. This will ensure that RMI continues to have access to catastrophe risk insurance as part of strengthening financial protection against natural disasters. RMI is exposed to a range of hydro-meteorological and geohazards, including tropical cyclone, which is currently covered by the catastrophe risk insurance program. The likelihood that a hazardous event will have a significant impact on the Marshall Islands is rising with the increasing levels of population and assets in the urban areas of Majuro and Ebeye. The low-lying atolls are at risk from tsunamis (and storm surge), which can cause damage to roads, houses, and other infrastructure on the low-lying atolls. Tropical cyclones are expected to become more frequent with climate change.
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The development objective of the Pacific Resilience Project under the Pacific Resilience Program for Samoa is to strengthen early warning, resilient investments and financial protection of Samoa.
... See More + This Project Paper seeks the approval of the Executive Directors to provide an additional IDA grant in the amount of SDR 1.8 million to the Pacific Resilience Project in Samoa (PREP-Samoa Project,) under the Pacific Resilience Program (PREP). The proposed Additional Financing (AF) will finance a share of the premia for continued catastrophe risk insurance against risks from climate-related events such as cyclones as well as earthquakes or tsunami for an additional five years. The proposed closing date for the AF is October 31, 2023. The second level restructuring is also proposed to: (i) extend the Closing Date of the original IDA grant from November 30, 2020 to November 30, 2022 to allow the Government to complete the activities that have been delayed over the past two years; (ii) revise the implementation responsibility of the implementing agencies under some of the project Components and revise the institutional arrangements at national and regional level under the project; (iii) include an additional procurement method (under framework arrangements) to align with the Government of Samoa’s revised Treasury Instructions which will facilitate procurement after a natural disaster; and (iv) revise the results framework for the project.
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