The Commonwealth secretariat has launched an online portal to help member countries access the right funding to help them respond to natural disasters.
The 54-member organisation says the Commonwealth Disaster Risk Finance Portal simplifies 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 types of financing solutions available include grants, loans, contingent credit, bonds and insurance schemes.
The portal outlines a range of funding instruments from various providers, such as multilateral banks, international organisations and bilateral cooperation.
The launch of the Commonwealth Disaster Risk Finance Portal comes as the world is reeling from the economic effects of the COVID-19 pandemic.
The virus has left many countries battered and desperately in need of finances to restart economies.
According to the Commonwealth, its portal clarifies the “complex funding processes linked to providers, such as differing eligibility or access criteria, and challenging terms and conditions”.
Furthermore, the Web tool 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 programmes offered by our development partners.”
Commenting on the launch of the portal, Commonwealth secretary-general Patricia Scotland says: “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.”
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