Jamaican Finance Minister Nigel Clarke said he is seeing “definite interest” from other Caribbean countries to join in issuing a regional catastrophe bond that would protect their budgets from hurricanes and spread investor risk across more countries. Clarke told Reuters …
Colombia and Peru are considering returning to a World Bank program that issues bonds to cover claims on natural disasters after the plan faced a nearly two-year lull. The countries are among those looking to take advantage of renewed investor …
Chile has agreed to an earthquake insurance program with the World Bank protecting it from $630 million worth of damage from strong earthquakes, in an effort to shore up risks to public debt from possible natural disasters. The insurance will …
Chile is finalizing a deal with the World Bank for insurance against high-intensity earthquakes that would impact the country’s fiscal policy and public debt, the Finance Ministry said on Thursday. “The insurance would allow Chile to receive pre-established compensation payments, …
The World Bank is looking to restart the issuance of catastrophe bonds to help developing countries improve their preparedness for losses from natural disasters. The supranational lender has issued close to $2.6 billion of catastrophe bonds since 2014, including a …
The World Bank will host a new facility that will help countries that suffer heavy economic loss due to climate change-driven disasters, its president David Malpass said on Tuesday. Malpass announced the new instrument, called the Global Shield Financing Facility, …
Climate change could push more than 200 million people to leave their homes in the next three decades and create migration hotspots unless urgent action is taken to reduce global emissions and bridge the development gap, a World Bank report …
The Caribbean Catastrophe Risk Insurance Facility has made a payout of approximately US$2.4 million to the government of Trinidad and Tobago following a rainfall event that occurred during August 18-20, 2021. The heavy rainfall resulted in flooding and landslides across …
LONDON – Environmental scientist Laura Garcia Velez cut her teeth on projects to help Ethiopian farmers insure crops for drought and connect remote Colombian communities to the electricity grid before working for conservation campaigners WWF. Now she’s an analyst for …
In late January 2015, just after the deadliest outbreak of Ebola in history, then-World Bank President Jim Yong Kim stood in front of a group of Georgetown University students and professors to introduce a new approach to fighting pandemics. Fresh …
