Additional Financing for the Pacific Resilience Project under the Pacific Resilience Program (WB-P166974)

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
U
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
Sep 27, 2018
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 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)
$ 2.50 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)
$ 2.90 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 Mar 13, 2019

Disclosed by Bank Aug 9, 2018


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Project Description

According to the bank, "the proposed additional Grants would finance part of the costs associated with scale-up of activities under Component 3 (Premiums Financing), enhancing the impact of the project by covering the payment for the disaster insurance premiums for an additional 5 years, to provide insurance cover until October 2023. This will ensure that RMI continues to have access to catastrophe risk insurance as part of strengthening financial protection against natural disasters."

Investment Description
  • World Bank (WB)

Co-financign:

Borrower US$ 0.4 million

Contact Information

World Bank
Artessa Saldivar-Sali
Senior Municipal Engineer

Samantha Jane Cook
Senior Financial Sector Specialist

Borrower
Republic of the Marshall Islands
Ms. Maybelline Andon Bing
Secretary, Ministry of Finance

Implementing Agencies
Ministry of Finance
Ms. Maybelline Andon Bing
Secretary

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 .