The World Bank approved the Third Disaster Risk Management Development Policy Loan with a Cat DDO III, a US $300 million loan to aid in strengthening Colombia’s resilience to natural hazards, climate change and health emergencies. The Ministry of Finance and Public Credit and the National Planning Department, Colombia will be responsible for coordinating the implementation of the Cat DDO III by scaling up government policies and strategies towards potential risks created by extreme climate-linked events, as well as other potential disasters and health emergencies. They will use the loan to focus on reducing the fiscal vulnerability to these events, strengthen Colombia’s adaptability to emerging clean energy markets, and increase resilience in the health, housing and transportation sectors.
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