PCRAFI : Furthering Disaster Risk Finance in the Pacific (WB-P161533)

Regions
  • East Asia and Pacific
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
Approved
Bank Risk Rating
C
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
Feb 14, 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
Secretariat of the Pacific Community, Pacific Islands Forum Secretariat, Pacific Catastrophe Risk In
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 29.73 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)
$ 29.73 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 21, 2017

Disclosed by Bank Jan 6, 2017


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Project Description
According to World Bank documents, Pacific Island Countries (PICs) are highly exposed to adverse natural events, including tropical cyclones, earthquakes, volcanic eruptions, and tsunamis. Four of the five PICs currently involved in the Pacific Disaster Risk Financing and Insurance (DRFI) Program— the Marshall Islands, Samoa, Tonga, and Vanuatu— are in the top 30 countries most vulnerable to natural disasters. Critical challenges confront PIC governments in the aftermath of a disaster including securing access to short-term immediate financing for emergency response and maintenance of essential government services until additional resources become available. The PICs decided to establish the Pacific Catastrophe Risk Insurance Company (PCRIC) as a legally independent entity to manage the PCRAFI Insurance Program on October 29, 2015. The project development objective is to improve access to post-disaster rapid response finance to Pacific Island Countries. The project consists of five components for execution by four recipients. The components are: Component 1. Establishment and Operations of the PCRIC and the PCRIF (US$1.3 million) Component 2. Capitalization of the Pacific Catastrophe Risk Insurance Company (PCRIC) (US$20.1 million) Component 3. Institutional Capacity Building on DRFI (US$2.3 million) Component 4. Development of Disaster Risk Insurance Products (US$5.5 million) Component 5. Monitoring and Evaluation (US$0.53 million)
Investment Description
  • World Bank (WB)
Contact Information
Team Leaders: Samantha Jane Cook and Michael J. Goldberg No contact information provided at the time of disclosure. Borrowers/Client: Pacific Catastrophe Risk Insurance Company Lesley Katoa, Resident Director Email Address: Lesley.Katoa@asiacititrust.com Maybelline Bing, Chair of Council of Members Email Address: mayabing@gmail.com Karen Harvey, Chief Legal Counsel Email Address: bghkaren@clear.net.nz Implementing Agencies: Pacific Islands Forum Secretariat Raymond Prasad, Economic Adviser Email Address: rprasad@forumsec.org Secretariat of the Pacific Community Litea Biukoto, Senior Advisor Disaster Risk Program Email Address: liteab@spc.int Pacific Catastrophe Risk Insurance Company Lesley Katoa, Resident Director Email Address: Lesley.Katoa@asiacititrust.com Pacific Catastrophe Risk Insurance Foundation Karen Harvey, Legal Counsel Email Address: bghkaren@clear.net.nz 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.