The new facility was announced at the
"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
Disaster risk finance and insurance mechanisms can help governments have the funds in place when they need them to respond to shocks, while promoting better preparedness and risk reduction. Over the next five years, the GRiF will provide financing to set up mechanisms such as national disaster insurance programs that can help channel money to people affected by disasters when they need it.
"This new Facility will help governments access risk financing and insurance solutions to mobilize effective response and prepare better for climate and disaster shocks", said
In 2017, disasters caused over
"We have all seen the devastating impact of the recent earthquake in
The GRiF will also provide technical assistance to develop, test, scale up, and improve on financial solutions.
GRiF will directly contribute to the goals of the
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