Risk Finance Umbrella Program: Consolidating Resources for Stronger Impact
The World Bank’s Crisis and Disaster Risk Finance (CDRF) global team, part of the Equitable Growth, Finance and Institutions (EFI) Practice Group, helps client countries manage financial risks associated with disasters, climate shocks, and crises. Through analytical, advisory, financial, and convening services, it assists vulnerable countries in transitioning from crisis responders to proactive risk managers. The EFI Practice Group, with its focus on equitable and sustainable growth and poverty reduction, utilizes finance and private sector solutions to protect development gains from financial shocks caused by crises, including those related to climate change. As part of its reform process, the World Bank is consolidating funding into “umbrella” programs to strengthen the alignment of resources with the strategic priorities of its development partners, the World Bank, and clients, through its country-based work program. The Risk Finance Umbrella (RFU) Program, supported by the Swiss Secretariat for Economic Affairs (SECO) and the United States Agency for International Development (USAID), combines two trust funds. This consolidation streamlines the DRF portfolio, elevates strategic discussions through its governance mechanism, reduces transaction costs, and consolidates knowledge-sharing and reporting initiatives.