WASHINGTON, United States (CMC) — The International Finance Institutions (IFIs) on Friday said they remained committed to enhancing their crisis preparedness and resilience framework in the Caribbean while exploring opportunities for multi-country risk management such as Catastrophe Bonds (CAT bonds) to assist the region following natural disasters.

A statement issued following talks between Caribbean Community (CARICOM) government ministers and international partners, including the international financial institutions such as the World Bank and International Monetary Fund (IMF), noted that the IFIs said they remain committed “to ensuring that post-disaster responses and approaches are tailored to specific country needs to better prepare for and mitigate the impact of future disasters.

“In addition to their existing initiatives, such as the World Bank Group’s disaster reduction programme, the fund’s rapid credit facilities, and the Caribbean Development Bank’s investments in climate resilient infrastructure, the work of all institutions with at-risk countries in the Caribbean will be deepened to help build stronger macro-fiscal foundations and economic resilience.”

The high-level round table meeting on recovery and resilience in the Caribbean was hosted by the World Bank Group (WBG), as part of the WBG/IMF annual meetings.

The statement noted that during the discussion, participants examined the impact of and recovery from the destructive hurricanes that struck the Caribbean in September, reviewed the instruments available for disaster risk management and response, and considered the need to innovate further in order to address the long-term challenges and strengthen resilience of affected islands.

Several Caribbean countries, including Antigua and Dominica, the British Virgin Islands, the Turks and Caicos Islands and Anguilla were several affected by Hurricanes Irma and Maria as they made their way through the Lesser Antilles resulting in several deaths and billions of dollars in damage.