Written by Bella Dalima
24 Apr, 2014 | 10:24 pm
Sri Lanka has become the first South Asian country to access disaster risk financing from the World Bank.
The $102 million Development Policy Loan was approved by the World Bank’s Board of Executive Directors.
With a Catastrophe Deferred Draw-down Option, the Development Policy loan of 102 million US dollars, is a line of credit that can be drawn on partially or in full if Sri Lanka declares a state of emergency after a natural disaster.
The facility was approved by the Board along with a $110 million Climate Resilience Improvement Project, which will finance both short and long term interventions to reduce climate and disaster risk.
The World Bank’s Country Director in Sri Lanka, Francois Clottes, says that the facility will greatly assist in rebuilding the lives of the poor, who are greatly affected by natural disasters.
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