DRFF in the News
Apr 23
2024
On March 21, 2024, the Government of Sierra Leone launched its National Disaster Risk Financing Strategy and Implementation Plan for 2024-2029 at the Atlantic Hotel in Freetown, in collaboration with the World Bank Group’s Disaster Risk Financing and Insurance Program (DRFIP). The event was led by Minister of Finance Sheku Ahmed Fantamadi Bangura, drawing over 60 delegates from various ministries, international organizations and development partners. The diverse attendance at the launch... Keep reading
Apr 17
2024
Washington D.C., April 17, 2023 - The World Bank (International Bank for Reconstruction and Development, or IBRD, AAA/Aaa), issued three catastrophe (cat) bonds that finance $420 million of insurance coverage for the Government of Mexico against named storm events along the Atlantic coast of Mexico and earthquake events. The cat bonds replace and increase by $60 million the previous cat bonds for these perils. Mexico is highly exposed to many natural hazards. Over 40 percent of the country’s... Keep reading
Mar 20
2024
In Sub-Saharan Africa, agriculture contributed 17 percent to GDP in 2022 and is therefore a crucial sector. Being predominantly rain-fed, the sector is extremely vulnerable to extreme weather. Limited financial resources to cope with and recover from the impact of climate shocks can destroy not just productive assets but entire livelihoods, ultimately resulting in poverty traps. Therefore, strong financial inclusion and protection strategies are key to building resilience for farmers and rural... Keep reading