World Bank sets up Caribbean disaster initiative

The World Bank has created a new insurance fund to help countries cope with natural disasters such as hurricanes, which have caused damages amounting to $16 billion since 1979. “One of the gaps in the current approach to natural disaster is after a hurricane or an earthquake hits, a government is dependent on trying to get support from donors,” Caroline Anstey, the World Bank’s director for the Caribbean region, said. “That period is an extremely important one, to allow the governments to carry on working to pay salaries,” Anstey added. Under the scheme, countries may receive between $200,000 and $4 million, but to do that, they would need to pay a one-off entry fee and annual premiums to the fund.

Source: Caribbean hurricane fund launched (BBC)