WASHINGTON, CMC—The World Bank will provide assistance to three Caribbean Community (CARICOM) countries for disaster risk management projects.
The Washington-based financial institution said the US$70 million Disaster Risk Management Development Policy Financing project will assist St. Lucia, Barbados, St. Vincent, and the Grenadines.
According to the World Bank, the US$20 million project for St. Lucia will help the country quickly access financial resources in case of an emergency, allowing it to respond faster and support its people.
“The high costs of recovery and reconstruction following a natural disaster strains public finances, contributes to increased debt, and limits countries’ ability to invest in development and higher living standards,” said Lilia Burunciuc, World Bank Division Director for the Caribbean.
“This project helps St. Lucia address these challenges by advancing key reforms and providing rapid access to financing in the event of a disaster. It also reduces the need for costly emergency borrowing and enables faster, more fiscally responsible recovery, benefiting all St Lucians,” she added.
The project will enhance St. Lucia’s capacity to prepare for and respond to natural hazards and health-related crises. It includes a Catastrophe Deferred Drawdown Option (Cat DDO) – an innovative World Bank financing instrument – that will provide a fast-access line of credit to support a timely and effective response once an emergency is declared.