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Add to Preferred SourcesThe World Bank Board of Executive Directors approved a $70 million operation to help Malawi recover from Tropical Cyclone Idai.
The operation referred to as Disaster Risk Management (DRM) Development Policy Financing (DPF), authorizes two grants to help tackle the economic and humanitarian costs associated with the impact of the cyclone. It will strengthen the institutional and financial capacity of the government to prepare for, and deal with future similar crises.
The first grant is a regular DRM DPF with upfront financing of $40 million to help government secure prompt financial support to respond to the impact of Tropical Cyclone Idai.
The second grant is a DRM DPF with a Catastrophe Deferred Drawdown Option (Cat DDO) of $30 million. This will be available in the event of future crises within three years of signing the grant, but renewable for a further three years.
“Our aim is to help strengthen Malawi’s resilience to climatic hazards so that economic gains made are not easily reversed by such shocks,” said Bella Bird, World Bank Country Director for Malawi.
Through the DRM DPF with Cat DDO, Malawi will be implementing policies to strengthen the institutional framework and coordination mechanisms to advance their national disaster and climate resilience agenda.
Original source: World Bank
Published on 06 June 2019