Pacific Resilience Project II under the Pacific Resilience Program (WB-P160096)

Countries
  • Marshall Islands
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 9, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Republic of the Marshall Islands
The holder of the loan, grant, or other investment.
Sectors
  • Climate and Environment
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 19.63 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 44.63 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Oct 31, 2017

Disclosed by Bank Jan 1, 2017


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Project Description
The proposed project is designed to fill a clear gap by concentrating on strengthening early warning and preparedness for communities, coastal protection in vulnerable areas, financial support for disaster response, and institutional strengthening and capacity building within these elements. Phase II of the Pacific Resilience Program (PREP) will complement existing initiatives which aim to minimize the impact of climate change and natural hazards across the Pacific Region, and support the continuation and expansion of the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) insurance program, of which RMI is a participant. The PREP is a ‘Series of Projects’, implemented in two phases at this stage, with the potential for more phases in the future. The PREP helps PICs to: (i) strengthen early warning and preparedness; (ii) create a framework for better, prioritized investments for climate and disaster resilience; and (iii) improve the post-disaster response capacity of the countries through strengthened financial resilience to disaster events. PREP Phase I includes activities in Samoa, Tonga, Vanuatu and RMI, along with a range of activities which are implemented by the regional organizations the Pacific Community (SPC) and the Pacific Islands Forum Secretariat (PIFS). RMI and Vanuatu participate only in part of PREP Phase I which supports the financing of premiums for the regional disaster risk financing insurance scheme. Phase II of the PREP will include a broader range of activities for RMI. The project development objective is to strengthen early warning systems, climate resilient investments in shoreline protection, and to provide immediate and effective response to an Eligible Crisis or Emergency.
Investment Description
  • World Bank (WB)
Contact Information
Ministry of Finance Ms. Maybelline Andon Bing Secretary mayabing@hotmail.com Implementing Agency Pacific Community Michael Petterson Director, Geosciences Division michaelp@spc.int ACCOUNTABILITY MECHANISM OF WORLD BANK The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.