The multilateral bank will help governments build advanced emergency systems so they can be ready to respond immediately when an emergency hits.
This will allow more countries to build emergency systems and have quick-disbursing finance available in times of crisis.
According to the bank, this approach will enable businesses to sustain operations and protect jobs, building resilience and long-term sustainability. Also, there will be catastrophe insurance, which will be embedded in the World Bank’s lending products with the intent that those insurance premiums and interest will be covered through the generosity of others and that would ultimately give countries recovery resources without adding to their debts.
For Nigeria to key into this, he said the government needs to rapidly study the World Bank’s criteria for such reliefs, and quickly develop her framework to capture all the dynamics surrounding climate change and Poverty.
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