KATHMANDU, Oct 15 (Bernama-Xinhua) -- Nepal and the International Bank for Reconstruction and Development (IBRD), the World Bank Group’s lending arm, have signed an agreement to explore a catastrophe bond that would provide the country with rapid access to funds in the event of a major earthquake, the global development financier said on Thursday, reported Xinhua.
World : Nepal Explores Catastrophe Bond After Devastating Floods
Nepal, IBRD, explore, catastrophe bond, Asia-Pac
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Key points
- The initiative is part of the World Bank Group’s established catastrophe bond programme, which helps countries access international capital markets to transfer disaster risk and secure financial protection against natural hazards.
- As one of the world’s most disaster-prone countries, Nepal is working to strengthen its ability to prepare for, withstand and recover from future natural disasters through a combination of risk reduction, preparedness and financial protection measures.
- Physical damage was estimated at US$1.66 billion, according to the World Bank’s Global Rapid Post-Disaster Damage Estimation report.
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