Risk Finance Umbrella Program: Annual Report (March 2022-February 2023)

The new Risk Finance Umbrella (RFU) Program was created to strengthen the financial resilience of low- and middle-income countries against disasters, climate shocks and other crises. In its first year, it supported 27 countries through substantial technical work including new risk finance policies and solutions, and innovative analytics. The RFU Program mobilized private sector finance and additional funding for implementation of risk finance, including over $21 million in reinsuranceand nearly $1.7 billion in World Bank investments. The RFU Program helped countries betterunderstand disaster risks and their budgetary and economic impacts, contributed to safeguarding the poorest against climate and disaster shocks, and protected economic growth. During this first year of the Program, the World Bank piloted a new, fully demand-driven approach, with all the project funding channeled through country programs.