WASHINGTON, (CMC) – The World Bank says Suriname has signed a novel project to strengthen resilience against environmental shocks.

The Washington-based financial institution on Friday said both parties have taken “an important step in their development cooperation.”

The World Bank said its Board of Executive Directors has approved the Suriname Preparedness and Enhancing Resilient Communities Project aimed at strengthening Suriname’s resilience to disasters.

The US$22.2 million initiative is the first to be financed by the World Bank’s International Development Association (IDA) since Suriname joined this World Bank institution in October 2024.

The project will directly benefit 50,000 residents in and around Suriname’s capital, with improved flood risk management and support to 35 communities in Paramaribo, Saramacca and Wanica through community–led resilience initiatives, of which at least 50 per cent will be women-led.

“Suriname is vulnerable to recurrent coastal and rainfall-related floods, with over 87 per cent of its population living along the low-lying coastal plain,” the World Bank said. “These areas have long been impacted by severe risks to livelihoods, services, infrastructure, and economic stability.”

It said the Greater Paramaribo region, home to 67 per cent of the population and the nation’s capital, is even more vulnerable to threats due to insufficient drainage capacity and limited maintenance.

It is estimated that without intervention, annual flood-related damage could rise to US$140 million by 2040.

“This is a significant milestone for Suriname,” said Stanley Raghoebarsing, Suriname’s Minister of Finance and Planning. “This project is not just an investment in flood prevention; it is an investment in the future resilience of our communities.

“Through our partnership with the World Bank, we are taking decisive action to protect our people, ensuring long term, sustainable development,” he added.

The new project will strengthen resilience in Suriname by reducing urban flooding, enhancing disaster risk management, and supporting community-led adaptation initiatives.

It will also upgrade drainage infrastructure in Greater Paramaribo, improve emergency preparedness systems, and support local resilience projects.

“The potentially transformative effect of this project cannot be overstated,” said Diletta Doretti, World Bank Resident Representative for Suriname. “It will not only reduce flood risks for many Surinamese but also strengthen community resilience through inclusive, locally driven solutions, while the country benefits from access to low-cost financing.”

The IDA is the arm of the World Bank Group which supports low-income countries and small island economies.

IDA’s grants and low-interest loans, such as the concessional loan provided for this project, help countries invest in their futures, improve lives, and create safer, more prosperous communities around the world the bank said.