Dominica’s resilience and sustainable growth will be strengthened by the World Bank
The Washington-based lending institution, the World Bank, has approved two loans for the island of Dominica.
This is Dominica’s second Covid-19 Response and Recovery Programmatic Development Policy Credit in the amount of US$30 million and the Dominica Disaster Risk Management Development Policy Financing of 20 million US dollars.
Both operations are expected to accelerate recovery from the effects of COVID-19, protect the lives and livelihoods of citizens, accelerate political reforms, and increase Dominica’s resilience to future shocks.
– Advertising –
“By embarking on a set of transformative actions, including financial sector reforms, introducing a broad climate resilience agenda and a robust disaster risk management framework, Dominica is moving towards a resilient recovery while preparing for future shocks,” said Lilia Burunciuc. , World Bank Country Director for the Caribbean.
Activities under the second credit for Dominica’s Covid-19 Response and Recovery Programmatic Development Policy will include establishing guidelines for a Vulnerability, Risk and Resilience Fund to enable rapid response to future shocks. The funding will also support a more effective social protection system, including enhanced protection for women who are often disproportionately affected by disasters.
Another component will include greater transparency of public debt and strengthened procurement processes. The funding would also help advance policy reforms that will build climate and environmental resilience.
Funding for Dominica’s Disaster Risk Management Development Policy with a Catastrophe Deferred Drawdown Option will allow the government to access US$20 million in funding to respond to disasters and related events to health.
As Dominica is one of the most vulnerable countries in the world to extreme weather events and climate change, it is essential to respond quickly and effectively to climate-related disasters.
The policy reforms and plans to be implemented under this operation will directly contribute to mitigating the social and economic costs of disasters, improving climate resilience in critical sectors and strengthening the emergency response framework of the region. Dominica.
Dominica receives funding from the International Development Association (IDA), which aims to reduce poverty by providing low-interest loans and grants for programs that stimulate economic growth, reduce inequality and improve the living conditions of the people.