Integrated Strategy for Financing Disaster Risk

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Presentation transcript:

Integrated Strategy for Financing Disaster Risk Permanent Council and Inter-American Council for Integral Development of the Organization of American States Kari Keipi Sr. Natural Resource Specialist Sustainable Development Department Inter-American Development Bank

Introduction What is needed is not a group of funding instruments, but an integrated strategy for financial protection against contingent liability. Such a strategy should have two components: Reduce risk through prevention Plan for loss funding

The need to reduce disaster risk How to finance prevention investments? Make the case for need to include prevention components in sector development programs. Grants and loans are increasingly available from international institutions. Examples: IDB Disaster Prevention Sector Facility and Disaster Prevention Grant Fund.

Planning for loss financing Not all disaster risk can be eliminated. In addition to reduce risk it is necessary to make arrangements for loss and recovery financing before a disaster event. Potential sources include: Budget transfers Reserve funds Diversion of resources from current programs and loans New borrowing Development Banks Private banks: domestic, international

Planning for loss financing (Cont.) Not all disaster risk can be eliminated. Emerging potential financing sources: New borrowing Contingent credit Insurance Parametric Non parametric Cat bonds:

Key Challenges Decision makers need better information of the problem in order to take action Indicators program Country risk assessments National disaster risk management systems in the region have inadequate institutions for risk reduction. Institutional realignment Institutional strengthening

Key Challenges (Cont.) Disaster risk strategies should include financing of prevention. Key ministries: Finance, Planning. Development agencies have incomplete knowledge on the risk posed by natural hazards to their programs. Support risk evaluations Approaches of the development agencies should favor prevention investments and activities. IDB: Disaster Prevention Facility and Disaster Prevention Fund.

Integrated Strategy for Financing Disaster Risk Permanent Council and Inter-American Council for Integral Development of the Organization of American States Kari Keipi Sr. Natural Resource Specialist Sustainable Development Department Inter-American Development Bank