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World Bank, Caribbean Nations to Discuss Natural Disaster Insurance Fund

In Disaster Relief, Economic Justice, Hurricane Katrina, International politics, International Public Health, International Trade, Land rights, US Politics on February 27, 2007 at 4:00 pm

The World Bank and Caribbean nations are exploring the creation of a new fund to insure island nations against hurricanes and other natural disasters. Representatives from 18 Caribbean countries gathered Monday in Washington to discuss the bank’s first program to offer the insurance, which would provide countries with immediate liquidity in the event of a natural disaster. Each participating country will pay $1 million (euro760,000) annually in exchange for up to $30 million (euro22.8 million) in coverage, according to World Bank officials.

The World Bank hopes to collect some $50 million (euro38 million) from donors, including the European Union, France and Canada, which will send representatives to the conference. World Bank President Paul Wolfowitz [1] [2] will preside over the talks. The bank aims to make the insurance available for the upcoming hurricane season, which starts in June.

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