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World Bank First for SL in Risk Financing in South Asia
Source: www.dailynews.lk
Source Date: Thursday, April 24, 2014
Focus: Electronic and Mobile Government, ICT for MDGs, Knowledge Management in Government, Citizen Engagement, Institution and HR Management, Internet Governance
Country: Sri Lanka
Created: Apr 29, 2014

Sri Lanka has became the first South Asian country to access an innovative form of World Bank financing that provides immediate payouts after a major catastrophe such as a tsunami, cyclone or flood. Approved by the World Bank's Board of Executive Directors, the $102 million Development Policy Loan with a Catastrophe Deferred Drawdown Option (DPL with a CAT DDO) is a line of credit that can be drawn on partially or in full if a country 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 (CRIP), which will finance both short and long term interventions to reduce climate and disaster risk. Poor people are usually the first to suffer in natural disasters and they do not have the resources to cope with the losses in income or property, said Francoise Clottes, World Bank Country Director for Sri Lanka. The package of financial support, including a first of its kind facility for South Asia, will help Sri Lanka to respond more effectively to help people suffering from a natural disaster while ensuring that financial support remains intact for the country's programs to overcome poverty and increase shared prosperity.

 

The DPL with a CAT DDO facility was first launched by the World Bank in 2008, with the first users being middle-income countries in Latin America and the Caribbean. The Board has since approved DPL with a CAT-DDO in the Philippines, Costa Rica, Colombia, El Salvador, Guatemala, Panama and Peru. Countries accessing the facility after a major disaster found it to be a flexible and prompt financial tool that enabled governments to focus on emergency response measures rather than spend valuable time and resources trying to raise funds. Sri Lanka's status as the first country in South Asia to access the facility reflects its rise as a middle-income country and increasingly sophisticated development needs.

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