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World Bank Toolkit to support countries facing Natural Disaster
News: The World Bank Group has announced a comprehensive toolkit to support countries in responding to natural disasters and other crises.
Pause in Debt Repayments:
• Provides relief to countries by allowing them to focus on urgent needs instead of loan repayments during crises or catastrophes.
• World Bank Group will launch Climate Resilient Debt Clauses. These will provide a pause in debt repayments for the most vulnerable countries in times of crisis or catastrophe.
• Offers countries the flexibility to quickly redirect funds for emergency response, ensuring immediate access to cash for disaster management and recovery efforts.
Backstopping development projects with private-sector support
• Supports development projects by providing private sector support in crisis preparedness and response, enabling businesses to sustain operations, protect jobs, and promote long-term sustainability in disasterstruck areas.
Building enhanced catastrophe insurance without debt
• Enhances catastrophe insurance options, such as Cat Bonds, and offers the integration of catastrophe insurance into lending products. Provides resources for disaster-struck countries without adding to their debt burden.
Linking crisis preparedness and financing
• Helps governments build advanced emergency systems, enhancing their preparedness to respond to crises effectively from day one.
Source – World Bank