New web portal promises easier access of disaster funds
LONDON, England — The Commonwealth Secretariat has launched an online tool which it says will help Commonweath member countries easily access the right type of financial support to prepare for, respond to and recover from natural disasters.
It’s called the Commonwealth Disaster Risk Finance Portal and will serve as a one-stop-shop where information on international funding earmarked for catastrophes is compiled, streamlined and made easy to navigate.
It features a broad range of funding instruments such as grants, loans, contingent credit, bonds, insurance schemes and other programmes from various providers, such as multilateral banks, international organisations, and bilateral cooperation.
“For governments, the tool will simplify the process of identifying the financing best-suited to their needs, and connect them with the relevant contacts to access the funds more efficiently,” the secretariat said in a statement this morning.
“The portal will not only serve as a database of valuable information, but also help build the capacity of governments to seek and secure disaster risk finance. In the long-term, it will help promote more strategic responses to disaster management and build financial resilience, especially for climate-vulnerable countries.
The web tool was launched in the margins of the Commonwealth Finance Ministers Meeting held virtually this week and may be accessed here: drf.thecommonwealth.org/.
“The Disaster Risk Finance Portal The portal seeks to clarify the complex funding processes linked to these providers, such as differing eligibility or access criteria, and challenging terms and conditions,” the secretariat explained.
“It also offers a simplified guide to assessing risks, costs, benefits, and timeliness of funding as well as discipline in planning. As an interactive platform, it enhances learning and exchange through case studies, a knowledge bank, and information on initiatives and programmes offered by our development partners,” it said.