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The World Bank has approved a 30 million dollar loan for Barbados to help the island strengthen its disaster resilience.
The loan, which includes a Catastrophe Deferred Drawdown Option, is designed to provide the country with rapid access to financial resources in the event of an emergency.
According to the World Bank, this will enable Barbados to respond swiftly and effectively, ensuring a faster recovery for its people.
It says the financing will play a critical role in bolstering Barbados’ disaster management systems, which remain essential as the country faces growing risks from both natural and public health-related crises.
The 30 million loan also complements the Barbados Beryl Emergency Response and Recovery Project, which focuses on rebuilding critical infrastructure and supporting sectors such as the fisheries and tourism industries that were severely affected by Hurricane Beryl.
