Devdiscourse, 28th September 2018
The Marshall Islands are exposed to a variety of natural hazards, including prolonged and repeated droughts, flooding from king tides, and storms and cyclones.
The World Bank's Board of Executive Directors has approved a US$2.5 million grant to support the Republic of the Marshall Islands' goal to strengthen resilience to natural hazards, including tropical cyclones and tsunamis, and its ability to respond quickly to disasters.
This additional grant will extend the Pacific Resilience Program's support to the government of the Marshall Islands, providing funding for five more years of premiums for disaster risk insurance under the Pacific Catastrophe Risk Assessment and Finance Initiative (PCRAFI), a regional, market-based parametric catastrophe risk insurance pool that provides immediate funds in the event of a major natural disaster.