Wednesday 17
September
2008, San José, Costa
Rica
Arias Opposition Tougher
Following His "Tired"
Comment
US Financial
Crisis Not All Bad For Costa Rica
ICE and Correos Join
Forces For A National
Address System
World Bank Approves
Disaster Funding For
Costa Rica
US Navy Seizes Cocaine
Sub Off Costa Rica
2,000 Jobs Available In
Guanacaste: Tourism,
Construction,
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World Bank Approves
Disaster Funding For
Costa Rica
The World Bank Board of
Executive Directors
approved a US$65 million
loan to Costa Rica for
the first Catastrophe
Deferred Drawdown Option
(CAT DDO) aimed at
providing a source of
immediate financing in
the aftermath of a major
natural disaster.
The CAT DDO acts as a
source of bridge
financing that may be
disbursed partially or
in full if the country
declares a state of
emergency as a result of
a natural disaster. This
will allow the country
to maintain its
development programs
while mobilizing other
sources of funding to
address the emergency.
"The poor are the most
at risk from the impacts
of natural disasters,"
said Laura Frigenti,
World Bank Director for
Central America. "This
operation, the first of
its kind, will help
ensure that affected
populations receive
assistance as soon as
possible after a
disaster, and will
support the continuity
of development programs
directed to alleviate
and reduce poverty."
Due to its geographic
location and geotectonic
characteristics, Costa
Rica is exposed to a
large variety of natural
hazards, including
floods, hurricanes,
earthquakes, volcano
eruptions, and
landslides.
Costa Rica experienced
49 major natural
disaster events between
1910 and 2008, which
affected 1.4 million
people.
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