DRFF in the News
Aug 27
2020
Population growth, escalating concentration of assets, and climate change are increasing risk exposure and losses from natural hazards. Developing countries typically lack financial protection against the impacts of disasters and rely on retroactive budget reallocations, donor assistance, tax increases, or post-disaster loans to attempt to meet financing needs. In December 2015, the European Union (EU) and World Bank/Global Facility for Disaster Reduction and Recovery (GFDRR) signed a... Keep reading
Aug 16
2020
On August 11, the World Bank Group’s Crisis and Disaster Risk Finance (CDRF) team hosted the webinar – “Disaster Risk Finance (DRF) for Social Protection Supports Better Response to COVID-19 and Other Risks,” as part of the Socialprotection.org COVID-19 Webinar Series, which is a joint effort initiated by the IPC-IG , GIZ on behalf of the German Federal Ministry for Economic Cooperation and Development ( BMZ ), and the Australia Government's Department of Foreign Affairs and Trade ( DFAT ) in... Keep reading
May 21
2020
NUKU’ALOFA, May 1, 2020 The Government of Tonga can now access an additional US $4.5million (approx. Tongan Pa’anga $10.4million) from its disaster insurance cover to support response and recovery efforts following the impact of Category five Tropical Cyclone Harold. This additional assistance is an insurance payout from the Pacific Catastrophe Risk Insurance Company (PCRIC) that was established under the World Bank’s Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI)... Keep reading