24.1 C
Basseterre
Wednesday, October 28, 2020
Home News Press Release Disaster Funds Easier To Access With New Web Portal

Disaster Funds Easier To Access With New Web Portal

A new online portal launched by the Commonwealth Secretariat will help member countries easily find the right type of financial support to prepare for, respond to, and recover from natural disasters.

The Commonwealth Disaster Risk Finance Portal will serve as a “one-stop-shop” where information on international funding earmarked for catastrophes is compiled, streamlined and made easy to navigate.

For governments, the tool will simplify the process of identifying the financing best-suited to their needs, and connect them with the relevant contacts to access the funds more efficiently.

The portal will not only serve as a database of valuable information, but also help build the capacity of governments to seek and secure disaster risk finance.

In the long term, it will help promote more strategic responses to disaster management and build financial resilience, especially for climate-vulnerable countries.

Commonwealth Secretary-General Patricia Scotland said: “The increasing frequency and severity of natural disasters, including those brought about by climate change, has cost Commonwealth countries billions in damage and lost economic opportunities, and hinders their ability to achieve their sustainable development goals.

“The need for a practical tool to support disaster risk financing is therefore urgent. This portal seeks to reduce the obstacles governments face in mobilising essential funding, while strengthening financial resilience to disasters, both before and after they strike.”

The Disaster Risk Finance Portal outlines a broad range of funding instruments from various providers, such as multilateral banks, international organisations, and bilateral cooperation.

The portal seeks to clarify the complex funding processes linked to these providers, such as differing eligibility or access criteria, and challenging terms and conditions.

Types of financing solutions available include grants, loans, contingent credit, bonds, insurance schemes and other programmes.

It also offers a simplified guide to assessing risks, costs, benefits, and timeliness of funding as well as discipline in planning. As an interactive platform, it enhances learning and exchange through case studies, a knowledge bank, and information on initiatives and programs offered by our development partners.

The web tool was launched in the margins of the Commonwealth Finance Ministers Meeting held virtually this week.

To find out more, visit: http://drf.thecommonwealth.org/

Most Popular

Cancer Survivor Praises Jr. Minister of Health Brandy-Williams For Efforts in Fight Against Breast Cancer

NIA CHARLESTOWN NEVIS (October 28, 2020) -- A breast cancer survivor from Nevis who was diagnosed with the disease in 2018 at the age...

Germany To Go Into Circuit-Break Lockdown As Virus Surges

BERLIN (Reuters) - Germany will impose an emergency month-long lockdown that includes the closure of restaurants, gyms and theatres to reverse a spike in...

Grenada Using JRCC As Part of Due Diligence For CBI Applicants

(Grenada Now) Grenada is one of the Eastern Caribbean islands with the Citizenship by Investment (CBI) programmes that are effectively using the Joint Regional...

CFBC Celebrates the Class of 2020 Commencement Modified Due to the COVID-19 Pandemic

The Clarence Fitzroy Bryant College (CFBC) will host its annual commencement on Tuesday, November 24, 2020. The ceremony has been modified in keeping with the...

Social Security Board Awards Susanna Lee High School Scholarships To 21 Students

By Devonne Cornelius St Kitts and Nevis (WINN) — The St. Christopher and Nevis Social Security Board awarded 21 students across the federation with the...

Commonwealth Women Parliamentarians (CWP) Releases its Anti-Harassment Policy Guidelines for Commonwealth Parliaments

The Commonwealth Women Parliamentarians (CWP) network has launched its new Anti-Harassment Policy Guidelines to support Parliaments across the Commonwealth in the effort to both...

Bahamas: No VAT on Amazon and eBay Purchases

(Eyewitness News) NASSAU, BAHAMAS — Acting Financial Secretary Marlon Johnson yesterday clarified that goods brought into the country will only be taxed at the...

Hundreds of Bookings Cancelled Since BVI’s Reopening Protocols

(BVI News) Following the government’s recently-announced border reopening protocols, at least one marine taxi company that transports tourists from the neighbouring US Virgin Islands...

Dodgers Beat Rays To Snap 32-Year World Series Drought

LOS ANGELES (Reuters) - The Los Angeles Dodgers ended decades of heartbreak with their first World Series win since 1988 on Tuesday, a 3-1...

US Restates Commitment To Upholding Democratic Values in the Caribbean

WASHINGTON, USA (CMC) – The United States says it is committed to making the Caribbean safe and more prosperous as it congratulated St Vincent...

OPEN IN NEW WINDOW

Contact a Program
If you are interested in a program or advertising, send us a message.
Send Message
Signup for our Newsletter
We'll only be in touch when we've something exciting to share.
We never share your details
No thanks
Subscribe