The Caribbean Development Bank (CDB) says a $20-million Canadian Community Disaster Risk Reduction Fund is to be established with funds from the Government of Canada.
According to the CDB, the Fund is designed to help the Caribbean reduce risks associated with natural hazards and climate change for vulnerable populations at the community level.
The bank’s Board of Directors has given approval for the CDB to enter into an agreement with the Canadian Government, acting through the Canadian International Development Agency (CIDA) to accept this financing.
The project is expected to assist borrowing member countries of the Bank, with the exception of Haiti, to implement sub-projects designed to reduce natural hazard risk, and for climate change adaptation measures.
A CDB statement says it will “also enable communities to develop experience-based knowledge from pursuing demonstration sub-projects to fill national and regional knowledge gaps; to develop disaster risk management and climate change adaptation enhanced guidelines for country poverty assessments”.
The bank says CDB will act as trustee and administrator of the fund, and will contribute the equivalent of US$2-million to the programme.