The World Bank Board of Executive Directors approved a US$20 million Disaster Risk Management Development Policy Credit for Grenada with a Deferred Drawdown Option for Catastrophe Risks (Cat DDO).
The Cat DDO provides Grenada with contingent financing in case of natural disasters while supporting the country’s reform program to build multi-sectoral resilience to disaster and climate risks.
It is the first Cat DDO approved for the Latin America and Caribbean Region financed by the International Development Association (IDA), the concessional financing arm of the World Bank.
Due to Grenada’s physical and financial vulnerability to disasters, building climate resilience is at the center of its policy agenda and priorities. In 2017, Grenada also established a Ministry of Climate Resilience, the Environment, Forestry, Fisheries, Disaster Risk Management and Information.