International Development Projects - 2026-07-16 7:43:03 PM - all published projects English

CA-3-D000577001 2026-07-16T06:32:50 The Catastrophe Risk Insurance Facility for Central America (CRIFCA) provides natural disaster risk insurance coverage for Central American countries - this project focuses on Honduras. Central America is highly vulnerable to natural disasters, such as earthquakes, hurricanes, and excess rainfall. Natural disasters typically disrupt economies, threaten the ability of a country to maintain essential services such as education, health and security, and jeopardize timely debt repayments. Natural disaster risk insurance is an essential tool to minimise the impact of natural disasters on a country's economy. The insurance provides countries with access to immediate financial payouts that are key to recovery and reconstruction efforts and that lessen the impact on ongoing poverty reduction efforts and the hard-won development gains of Central American countries. This project builds on the Caribbean Catastrophe Risk Insurance Facility (CCRIF), a multi-country, pooled disaster risk insurance facility established by the World Bank with the support of Canada and other donors in 2007. The Catastrophe Risk Insurance Facility for Central America project aims to provide disaster insurance coverage to the seven member countries of the Council of Ministers of Finance of Central America (COSEFIN): Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, and the Dominican Republic at the request of their governments. Canada’s funds, provided through the World Bank, support the capitalization of the insurance pool for Central American countries. The funds also provide technical assistance to help Honduras develop disaster risk management strategies and, when necessary, pay Honduras’ initial entry fees and premiums. Closed 2014-03-25T00:00:00 2022-12-31T00:00:00 Honduras 100.00% IBRD Trust Funds - World Bank Public finance management 60.00% Formal sector financial intermediaries 30.00% Disaster prevention and preparedness 10.00% 14400000.01 The expected outcomes for this project include: (i) earthquake and hurricane/cyclone insurance products for Council of Ministers of Finance of Central America (COSEFIN) countries (in particular Honduras) sustainably established as part of the existing Caribbean Catastrophe Risk Insurance Facility; (ii) Honduras has access to affordable excess rainfall insurance; and (iii) improved capacity of COSEFIN countries (in particular, Honduras) to respond to and recover from natural disasters, allowing them to better address the needs of affected populations and environments. Results achieved at the end of the project (December 2024) include: (1) 4 Central American countries (Guatemala, Honduras, Nicaragua and Panama) purchased parametric insurance policies; (2) disbursed USD 37.7 million in insurance payouts in response to natural events occurring in the region, of which USD 19.7 million pooled from donor funds; (3) improved and made accessible 4 products and risk information tools related to climate events to COSEFIN countries; (4) 6 COSEFIN countries, including Honduras and Nicaragua, adopted cost-effective disaster risk financing strategies and implementation plans; and (5) 6 COSEFIN countries, including Honduras and Nicaragua, adopted mechanisms to systematically collect records about disaster occurrence, damages, losses and impacts. Contributions to specific-purpose programmes and funds managed by implementing partners Bilateral Aid grant excluding debt reorganisation Global Affairs Canada NGM Americas Department-Initiated Gender equality Environmental sustainability (cross-cutting) Climate Change Adaptation 5000000.00 5000000.00 1500000.00 1500000.00 0.00 2014200179 IBRD Trust Funds - World Bank CA-3-D000577002 14400000.01 7900000.00 3000000.00 1500000.00 2000000.00