The World Bank’s Board of Executive Directors yesterday approved grant financing for a project that is expected to help communities in the Marshall Islands – already vulnerable to recurring drought and flooding – prepare better for the impact of climate change.
The Pacific Resilience Project II will receive a $19.6 million grant for the Marshall Islands and a $4 million grant for the Pacific Community (SPC) to support this important initiative.
The Marshall Islands are exposed to a variety of natural hazards, including prolonged and repeated droughts, flooding from king tides and storms which model estimates say cost the economy some $3 million per year on average, according to the World Bank.
The vast majority of residents live along the coastline, which is vulnerable to coastal erosion, storm surges and sea level rise.
The Pacific Resilience Project II is the second phase of a series of projects under the Pacific Resilience Program (PREP).
A partnership which currently includes Tonga, Samoa, the Marshall Islands, Vanuatu, the Pacific Community (SPC), the Pacific Islands Forum Secretariat (PIFS) and the World Bank, PREP shares expertise on disaster risk management and increases economies of scale.
This second phase provides a broad range of climate resilient initiatives and investments, including nationally implemented activities by the government of the Marshall Islands and regionally implemented activities through the Pacific Community (SPC).