Seychelles Becomes First African Country to Use Contingent Credit for Disasters
Seychelles will become the first African nation to access the Development Policy Loan with a Catastrophe Deferred Drawdown Option (DPL with Cat DDO), which will help the country build resilience to disastrous events impacting its citizens and economy. Following Tropical Cyclone Felleng in January 2013, GFDRR and ACP-EU NDRR Program supported a damage, loss and needs assessment (DaLA), which helped quantify more than $8.4 million in damages throughout the Seychelles. The DPL with Cat DDO will serve as the ultimate rainy day fund, with a reserve of $7 million to help foster a more stable macroeconomic environment in the country. The DPL with Cat DDO is a contingent line of credit that enables Seychelles to “draw down” funds in the immediate aftermath of any natural disaster declared a national emergency by the government, such as a cyclone or landslide. This financing helps to build back more efficiently and help regain a citizen’s sense of normalcy, ultimately supporting faster recovery of the socioeconomic environment in a post-disaster situation. See the full story here.
Understanding Risk 2014 highlights can now be viewed online
Over a period of five days in London, UR2014 convened 840 participants from more than 60 countries, representing 285 institutions that covered government agencies, the private sector, NGOs, research institutions, academia and civil society. The Forum was organized in partnership with Willis, University College London, and the World Bank, with financial support from the ACP-EU NDRR Program, Esri, RMS and Google. Under the theme Producing Actionable Information, 24 technical sessions and workshops led by various international organizations were held, covering topics such as: decision-making under uncertainty, risk modeling in the financial sector, earth observation systems, risk communication, community-based risk assessments, and assessing risk in a changing climate, among others. In addition to the technical sessions, there were 9 plenary events, 24 side workshops and trainings, 2 on-site exhibits, and numerous side meetings and events. Click on the below to access the videos online.