Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2023
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US
Commonwealth Business Communications
Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2023
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US

CANADA AND CDB ESTABLISH NEW DISASTER RISK MANAGEMENT FUND

  • CBC News Team
Total
0
Shares
0
0
0

Governments in nine Caribbean countries will still be able to maintain their disaster risk management efforts even with national finances stretched by the demands of responding to the COVID-19 pandemic.

This is because the Government of Canada has partnered with the Caribbean Development Bank to offer assistance through a new CAD$20 million fund – the Canada-CARICOM Climate Adaptation Fund (CCAF).

CCAF will be financed through Global Affairs Canada, while CDB will provide in-kind contribution valued at CAD$ 1.2 million. The projects to be financed will run from July 2020 to March 2022.

CDB Borrowing Member Countries (BMCs) which are eligible for CCAF assistance are Antigua and Barbuda, Belize, Dominica, Grenada, Guyana, Jamaica, St. Lucia, St. Vincent and the Grenadines and Suriname.

The fund will support both short-term and longer-term measures to maintain and strengthen the disaster risk financial management capacity of the countries. The nine countries will have their Caribbean Catastrophe Risk Insurance Facility (CCRIF) insurance premium payments for either 2020-21 or 2021-22, covered through the fund.

CDB’s Director of Projects, Daniel Best, lauded the Government of Canada for increasing its support for the Caribbean’s climate resilience efforts in a difficult time, stating:

“We know the ongoing COVID-19 pandemic has been placing severe pressure on BMCs’ public finances which could redirect resources away from planned investments in climate resilience. We are also conscious that the Caribbean is vulnerable to natural disasters; so it is equally critical that countries remain adequately protected against disaster risk. We appreciate the intervention of the Government of Canada which recognised this and quickly stepped up to support Caribbean countries in maintaining their ongoing disaster risk reduction and climate resilience efforts.”

Through risk-pooling and access to reinsurance and capital markets, CCRIF has enabled Caribbean countries to purchase catastrophe risk insurance at 40-50% less than they would have paid had they approached the insurance market individually. Since its inception, CCRIF has made an estimated USD$ 150 million in pay-outs to 13 BMCs, within the guaranteed 14 days of an insurable event.

A key longer-term focus of the CCAF is the support for technical expertise to help identify and design new innovative financing instruments to support disaster risk financing and climate resilience initiatives for all BMCs.

The project is consistent with CDB’s policy on disaster risk management, which encourages and supports BMCs to use measures that offer protection even before an event takes place.

Learn More: Caribbean Development Bank

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
Related Topics
  • ENVIRONMENT
CBC News Team

Previous Article

FUTURES OF 600 MILLION SOUTH ASIAN CHILDREN UNDER THREAT

  • CBC News Team
Read More
Next Article

CARIBBEAN PUBLIC HEALTH DAY

  • CBC News Team
Read More
You May Also Like
Close up on Mosquito. Mosquito-borne disease Dengue outbreak in Jamaica
Read More
  • Health
  • GOVERNMENT
  • HEALTH
  • JAMAICA

Jamaican Health Ministry declares dengue outbreak

  • CBC News Team
  • 26 September 2023
African leaders show the “gap” during the campaign launch in the United Nations HQ. (Centre left) H.E. Macky Sall, President of the Republic of Senegal; (Second from left) H.E. Jakaya Kikwete, Former President of the United Republic of Tanzania; (Centre) H.E. Josefa Sacko, African Union Commissioner, ARBE; (Centre left) Harsen Nyambe, Director: Blue Economy and Sustainable Environment at the African Union; (Second from left) Nardos Bekele-Thomas, CEO of AUDA-NEPAD; (Right) Hon. Carl Schlettwein, Minister of Agriculture, Water, & Forestry, Namibia; (Left) Alex Simalabwi, Executive Director: High-Level Panel Secretariat
Read More
  • Environment & Sustainability
  • Agriculture
  • Natural Resources
  • AFRICA
  • SUSTAINABLE DEVELOPMENT GOALS

African Leaders commit to Mind the Gap – Invest in Water as the race to achieve SDG 6 in Africa accelerates

  • CBC News Team
  • 25 September 2023
Sustainable Blue Economy Malta
Read More
  • Heads of Government
  • Environment & Sustainability
  • MALTA
  • SUSTAINABLE DEVELOPMENT GOALS

Malta Enterprise launches the Blue Med – a focal point for sustainable blue economy

  • CBC News Team
  • 21 September 2023
Ministry of Education Safe School Recognition Programme
Read More
  • Education & Youth
  • EDUCATION
  • ST VINCENT AND THE GRENADINES

St Vincent and the Grenadines’ Ministry of Education, along with UNICEF & CDEMA to Conduct Safe School Recognition Workshop

  • CBC News Team
  • 20 September 2023
Canadian Minister welcomes Brunei Darussalam Minister of Foreign Affairs. Canadian flag in front of the Canadian parliament building
Read More
  • Trade & Investment
  • BRUNEI DARUSSALAM
  • CANADA
  • TRADE AND INVESTMENT

Canadian Minister Joly welcomes Brunei Darussalam’s Second Minister of Foreign Affairs to Canada

  • CBC News Team
  • 18 September 2023
The Sustainable Development Goals Report 2023
Read More
  • SUSTAINABLE DEVELOPMENT GOALS

The Sustainable Development Goals Report 2023: Special Edition

  • CBC News Team
  • 21 August 2023
Kenyan Flag crosses over Union Jack on a desk in an office demostrating UK–Kenya development partnership
Read More
  • Heads of Government
  • Environment & Sustainability
  • UNITED KINGDOM
  • KENYA
  • SUSTAINABLE DEVELOPMENT GOALS

UK–Kenya development partnership summary, July 2023

  • CBC News Team
  • 24 July 2023
Read More
  • Education & Youth
  • EDUCATION
  • UNITED KINGDOM
  • JAMAICA

The UWI and Glasgow launch Masters in Reparatory Justice

  • CBC News Team
  • 21 July 2023
OUR LATEST PUBLICATION
Commonwealth Education Report 2023
EDUCATION 23

Subscribe to our Newsletter

PARTNER FOCUS
Recent Posts
  • HE Dr Madeleine Tchuinte, Minister of Scientific Research and Innovation, and Mr Hua Liu, IAEA Deputy Director General and Head of the Department of Technical Cooperation, signed Cameroon’s Country Programme Framework (CPF) for the period of 2024-2029. (Photo: J. O'Brien/ IAEA)
    Cameroon Signs its Country Programme Framework (CPF) for 2024-2029
  • Manutius human rights webinar
    Commonwealth and Mauritian Government host webinar to help businesses protect human rights
  • Pakistan floods one year on
    One year on from catastrophic floods, millions of children in Pakistan still need urgent support
  • Ministry of Health Kenya WHO National Multi-Hazard Preparedness Plan Workshop
    Kenya: Ministry of Health partners with WHO to conclude National Multi-Hazard Preparedness Plan Workshop

Subscribe

Subscribe now to our newsletter

Commonwealth Business Communications
  • HOME
  • About
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2022 Commonwealth Business Communications Limited. All Rights Reserved.

Input your search keywords and press Enter.