World Bank Approves $100 Million to Bolster Zambia’s Climate and Economic Resilience
The World Bank has approved a $100 million financing package to enhance Zambia’s capacity to manage natural disasters and strengthen its economic and climate resilience.
The initiative integrates a Climate and Economic Resilience Development Policy Financing (DPF) grant with a Catastrophe Drawdown Option (Cat-DDO).
The financing package includes $25 million to address Zambia’s current economic challenges and promote climate adaptation, alongside $75 million set aside as contingent funding for rapid response to national disasters.
This dual approach is designed to help Zambia manage the immediate impact of a severe drought while building resilience against future challenges.
Achim Fock, the World Bank Country Manager, noted that the DPF funding would lay the groundwork for sustainable and inclusive growth, an essential step toward a more resilient economy.
Albert Pijuan, Senior Country Economist at the World Bank, emphasized the package’s focus on disaster risk management, strengthening social protection systems, and advancing climate adaptation measures, particularly in the water sector.
This financing aligns with the World Bank’s broader commitment to supporting Zambia’s recovery from its debt crisis and fostering sustainable development. It underscores the urgency of addressing climate risks as Zambia charts a path toward economic stability.
