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Enhancing disaster risk financing in the Caribbean - Technical assistance to strengthen financial protection in the Caribbean

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The World Bank is pursuing a gradual, incremental approach to better understand and quantify Caribbean countries’ financial exposure to the effects of natural hazards. Caribbean countries are exposed to high levels of risks from natural hazards, having significant negative impacts on their economic and fiscal stability. In recent years, countries in the region have expressed high demand to deepen their financial preparedness to disaster shocks. The Bank tailors country-specific ways to improve their financial resilience to disaster shocks with the goal of developing comprehensive disaster risk financing (DRF) strategies that can help enhance long-term disaster resilience and adaptation capacity for the most vulnerable countries in the Caribbean.

Developing DRF activities with a wide variety of partners has been beneficial to support countries strengthen their financial resilience. For instance, activities in DRF in the Caribbean, particularly in Saint Lucia, have been implemented in partnership with the WFP and FAO, creating more opportunities for analytical support at the intersection of adaptive social protection and disaster risk financing. information to further enrich the sectoral notes. Maintaining a degree of flexibility when possible can lead to beneficial outcomes for the project’s result. Working with the academic sector has required flexibility in order to adapt to academic timelines. Developing an academic course also requires adapting the content to ensure the knowledge can benefit the most wide-ranging audience.