Mexico and the Caribbean Development Bank (CDB) have approved a grant of USD14 million to CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility). CCRIF provides parametric insurance coverage for government risk to Caribbean and Central American countries. This form of insurance is designed to limit the financial impact of catastrophic natural events, such as hurricanes and earthquakes, by quickly providing short-term liquidity when a policy is triggered.
President of the Caribbean Development Bank (CDB), Dr. Wm. Warren Smith, on Tuesday welcomed the global community’s commitment to scale up support for climate risk management in the world’s most vulnerable countries. He was speaking during the United Nations Climate Change Conference (COP23) at a high-level event for leaders of international organisations, Ministers and insurance sector stakeholders.
The European Investment Bank (EIB) and the Caribbean Development Bank (CDB) have set up an emergency post-disaster reconstruction financing initiative to help the Region recover from recent hurricane events.
A delegation from the Caribbean Development Bank (CDB) has arrived at the United Nations Climate Change Conference (COP23) in Bonn, Germany. While at the event, which runs until November 17, the Bank will join other regional stakeholders in reiterating the urgent need for climate action and resilient recovery in the Caribbean. Against the backdrop of this year’s devastating hurricane season, CDB will also underscore its commitment to mobilising highly concessionary resources for regional countries to tackle the impacts of climate change.
The Government of Belize, with the support of the Caribbean Development Bank (CDB), is stepping up its climate change adaptation efforts. Belize’s Social Investment Fund (SIF), an implementing agency of the Government addressing the basic needs of the country’s most vulnerable, has set in motion plans to incorporate Climate Risk Management in its National Project Development Process.