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W/Bank, Germany, UK Launch $145m Financing For Vulnerable Countries

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The World Bank Group, in partnership with the governments of Germany and the United Kingdom, have announced a US$145 million Global Risk Financing Facility (GRiF) to help vulnerable countries manage the financial impact of climate change and natural hazard-induced shocks. The was made known at the World Bank and IMF Annual Meetings in Bali in the presence of senior representatives of the World Bank and the governments of Germany and the United Kingdom, with support from representatives of the Vulnerable 20 (V20) group of countries. “Natural disasters push some 26 million people into poverty each year as people struggle with the economic fallout of earthquakes, hurricanes, floods and other catastrophes” said World Bank CEO, Kristalina Georgieva. “We can’t stop all these terrible events, but we can help countries with insurance or other risk finance so people get faster help to rebuild.”

In 2017, disasters caused over $300 billion in losses globally – the second highest annual figure ever recorded. Governments of vulnerable countries bear the burden of these costs. The poorest are not only more vulnerable and exposed to immediate impacts but also face longer-term impacts on their development prospects. “This new facility will help governments’ access risk financing and insurance solutions to mobilise effective response and prepare better for climate and disaster shocks,” Germany’s Parliamentary State Secretary, Barthle said. “We have all seen the devastating impact of the recent earthquake in Indonesia. Disasters are becoming more frequent and more extreme, leading to the loss of life, homes and jobs, particularly among the world’s poorest people. Through the World Bank’s Global Risk Financing Facility, UK aid is supporting countries to build resilience and put in place finance and systems to ensure they are better prepared to respond to emergencies. This will save lives and also help vulnerable countries recover more quickly after disasters,” said Secretary of State for the UK’s Department for International Development, Penny Mordaunt.



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