"As we approve this financing, my thoughts go to the families of those who perished during the cyclone Idai and the flooding season in the center of
Evidence shows that the poor tend to bear the brunt of natural hazards prompted by climate change as they are often the least prepared and have limited financial capacity to cope. It is estimated that the program will directly benefit a total of 3,360,000 people. This includes women and other vulnerable groups, as well as children who will benefit from school retrofitting.
Public resources allocated ex-ante for emergency response and recovery have systematically been significantly lower than the funds needed to cope with catastrophic events. The program will seek to maximize innovative financing approaches such as incentivize the government to purchase sovereign risk transfer products from the insurance and capital markets to manage the financial impacts of disaster shocks. The government could thus leverage up to
The total funding for the program is
* GRiF was launched in 2017 under the