World Bank Climate Change Signing Ceremony
Building on Dominica’s Low Carbon Strategy, the World Bank in collaboration with the Government of Dominica through the Ministry of Environment, Natural Resources, Physical Planning and Fisheries have come together to implement a Disaster Vulnerability Reduction project.
According to Prime Minister, Honourable Roosevelt Skerrit, U.S $38 million (E.C $108 million) is designated to the project, aimed at establishing policies and strategies to improve the capacity to prevent disasters and adapt to climate change.
“We are most grateful for the grant component from the CIF in an amount of US$12.0 million. We are also happy that the strategic Climate Fund loan of US$9.0 million and the IDA loan of US$17.0 are highly concessionary, both interest rates at 0.5%. In all, a total of US$38.0 million or approximately EC$103.0 million will be provided under this programme,” the Prime Minister stated.
Alessandro Legrottaglie, Senior Officer for OECS & Barbados at the World Bank says this project will address disasters – one of the main challenges in Dominica.
Disasters he said often have negative implications on Government finances, particularly when there is limited fiscal space.
He believes however that Government has already done a lot to equip itself over the last 15 years.
The Senior Officer pledged the World Bank’s commitment to the project.
The Pilot Program for Climate Resilience (PPCR) and the Disaster Vulnerability Reduction Project (DVRP) is in pursuit of low emission climate resilience.