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--- The World Bank has helped two more countries join those benefiting from a source of catastrophe contingent disaster risk financing, as both Vanuatu and Grenada become the latest to receive a Catastrophe Deferred Drawdown Option (Cat DDO) arrangement.
The World Bank continues to deliver these catastrophe contingent risk financing solutions to countries exposed to peak perils as a way to introduce them to contingent disaster risk finance and insurance or reinsurance related arrangements.
The Catastrophe Deferred Drawdown Option (Cat DDO) is now one of the staple sources of capacity for countries interested in disaster risk financing, thanks to the help of the World Bank.
Designed to deliver financing contingent on the occurrence of catastrophes, with the trigger linked to the declaration of disaster by a government, the CAT DDO enables funding to be disbursed almost immediately after disaster events occur.
Designed and provided by the World Bank, the Cat DDO provides a similar type of protection to a catastrophe bond (so insurance or reinsurance like), in that it promises capital liquidity right when disasters of a significant impact or magnitude occur.
The World Bank recently approved a contingent US$10 million to support Vanuatu in strengthening its resilience to disasters, in support of climate adaption, and to help the island nation manage its debt.
The US$10 million of financing can be activated in the event of a major disaster striking Vanuatu and is structured as a Catastrophe-Deferred Drawdown Option, funded through the International Development Association (IDA).
“This strong support from the World Bank is critical to increasing the resilience of our country to natural disasters, like what we experienced during Cyclone Pam,” Vanuatu’s Minister of Finance and Economic Management, Gaetan Pikioune explained. “The financing and support for policy reforms provided by this operation will deliver short-, medium- and long-term benefits to all ni-Vanuatu.”
“We all know that natural disasters remain an ever-present threat to Vanuatu. Being prepared for major disasters – before they strike – is one of the most effective ways to minimise their impacts,” added Michel Kerf, Country Director for the World Bank in Papua New Guinea and the Pacific Islands. “We’re proud to be delivering support to Vanuatu focused on saving lives, protecting homes and communities, and benefiting Vanuatu’s economy.” .
Pacific Islands News Association
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