World Bank launches catastrophe financing

The International Bank for Reconstruction and Development (IBRD), part of the World Bank, has announced a new loan facility designed to provide emergency finance for middle-income countries suffering natural catastrophes.

Countries that have World Bank-certified hazard risk management programmes in place can apply for the catastrophe risk deferred drawdown option (Cat DDO), which will provide them with bridge financing while other sources of funding are mobilised.

The maximum amount available wi