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World Bank to Contribute $116 million to Strengthen Capacity to Respond to Disaster Risks

World Bank will contribute Myanmar Southeast Asia Disaster Risk Management Project which will cost $ 116 million, co-funded with a grant of $1 million from the Southeast Asia Disaster Risk Insurance Facility (SEADRIF). The objective is to reduce the impact of flooding, improve the resilience of selected public facilities against earthquakes in Yangon, and enhance the government’s capacity to finance disaster response to emergencies across the country.

It aims to develop disaster risk financing instruments, mainstream resilience into public investment planning, reduce the financial costs of future disasters, and improve the capacity to manage and finance the response to possible future disasters.

“As Yangon is rapidly developing, the growing urban population has placed the city’s infrastructure under strain,” said Yangon Chief Minister, Phyo Min Thein. “Yangon faces high flood risk and is located in an earthquake-prone area. The project investments in the city’s drainage system, public facilities, and critical infrastructure will help achieve our aim of delivering high quality public infrastructure and services in the city.”

Abdoulaye Seck, the World Bank Country Manager for Myanmar said “Disaster risk management is critical to reducing poverty. When food prices peak due to disasters, and assets are lost, the poor and vulnerable feel the pressure most. The World Bank looks forward to supporting Myanmar’s efforts in reducing human, economic and financial losses caused by natural disasters, in order for the country to protect its development gains.” The project is part of Southeast Asia’s regional program on disaster risk management financed by the World Bank, which includes a series of projects in Cambodia, Myanmar, and Lao People’s Democratic Republic. Currently, Myanmar is implementing the Myanmar Flood and Landslide Emergency Recovery Project, which supports the resilient recovery of communities impacted by the devastating floods of 2015. According to World Bank’s figure, disasters cost the country over $184 million annually and disproportionally hurt the poor.