Project profile — CARICOM Climate Adaptation Fund
Overview
Overview
| CA-3-P009524001 | |
| $20,000,000 | |
| Caribbean Development Bank (XM-DAC-46009) | |
| 2020-07-18 - 2023-09-30 | |
| Operational |
Country / region
• Guyana (5.40%)• Saint Vincent And The Grenadines (5.40%)
• Belize (5.40%)
• Antigua And Barbuda (7.40%)
• Suriname (5.40%)
• Dominica (9.50%)
• Grenada (10.00%)
• Saint Lucia (15.80%)
• Jamaica (24.70%)
• West Indies, regional (11.00%)
Sector
• Government And Civil Society, GeneralPublic finance management (15111) (10.00%)
• Other Multisector
Disaster Risk Reduction (43060) (90.00%)
Policy marker
• Gender equality (significant objective)• Environmental sustainability (cross-cutting) (significant objective)
• Participatory development and good governance (not targeted)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (principal objective)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Disaster Risk Reduction(DRR) (principal objective)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• Nutrition (not targeted)
• ICT as a tool for development (not targeted)
Description and results
Description
This fund contributes to insulating Caribbean Community (CARICOM) member countries from disaster risks and frees up fiscal space to support their essential needs, which have increased due to the COVID-19 pandemic. The Fund consists of two components. The first enhances post-disaster response through the coverage of premiums to the Caribbean Catastrophe Risk Insurance Facility for the nine CARICOM member countries eligible for Official Development Assistance for a two years. The second component assists in developing gender-sensitive innovative financing instruments to mobilize private capital for climate adaptation and disaster mitigation to benefit all CARICOM members.
Expected results
The expected outcomes for this project include: (1) covering climate risks for nine CARICOM governments over two years in Antigua & Barbuda, Belize, Dominica, Grenada, Guyana, Jamaica, St. Lucia, St. Vincent and the Grenadines and Suriname; and (2) developed innovative financing instruments to catalyze private investment in climate adaptation and disaster resilience.
Results achieved
Results achieved as of March 2022 include: (1) covered disaster insurance premiums through the Caribbean Catastrophe Risk Insurance Facility (CCRIF) for seven eligible countries— Antigua and Barbuda, Belize, Dominica, Grenada, Jamaica, St. Lucia, St. Vincent and the Grenadines—from May 2020 to April 2021 and from May 2021 to April 2022; (2) supported ongoing engagement with Guyana and Suriname to facilitate their future membership in the insurance facility—once risk insurance products meet these countries’ specific needs; and (3) provided technical assistance to identify and design financial tools to support CARICOM member states’ climate resilience.
Financials
Financials
|
|||||||||
Related information
Related information
|
Related links • Partner website — Caribbean Development Bank |
|
| Global Affairs Canada | |
| NGM Americas | |
| Aid grant excluding debt reorganisation | |
| Bilateral | |
| Contributions to specific-purpose programmes and funds managed by implementing partners |
Legend
The coloured circles represent the number of markers in proximity. Simply click on the circle to zoom in for more information on projects.
2 to 9 markers
10 to 99 markers
100 to 999 markers
1,000 to 9,999 markers
Marker
Note: The Project Browser provides access to project data published by Global Affairs Canada in accordance with the International Aid Transparency Initiative (IATI) standard. This is not meant for official reporting, but to provide information on past and current international projects.