LatinNews Daily - 24 March 2023

In brief: Costa Rica receives WB loan for natural disasters

*The World Bank (WB) has approved a US$160m loan to strengthen the Costa Rican government’s ability to manage risk resulting from natural and pandemic-related hazards, including the adverse effects of climate change and disease outbreaks. This is the second WB loan in support of Costa Rica’s disaster risk reduction programme and will enable the country to secure readily available financial resources in the event of major disasters. A WB press release highlights that the first contingency loan, which was approved in 2008 for US$65m and closed in 2017 after two renewals, provided “a solid foundation for disaster risk management in the country by guaranteeing the capital needed to respond to the emergencies that stemmed from the Cinchona earthquake (2009), Tropical Storm Nicole (2010), and Hurricane Otto (2016).” The same source highlights that in recent years, Costa Rica has made strides in strengthening its institutions and legal framework and has mainstreamed disaster risk management into its national development programme. It cites as examples of these achievements, “the approval of the first disaster risk financial strategy and the development of plans in different sectors, for example, for the inclusion of resilience criteria in the implementation of transport infrastructure”.  It also notes that Costa Rica has “made progress with respect to its building codes, environmental and climate change adaptation regulations, and land use planning”.

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