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World Bank to Provide $150M for Cyclone Freddy Damage

World Bank to Provide $150M for Cyclone Freddy Damage

The World Bank on Friday announced funding of US$150 million (€139 million) for Mozambique to recover from the damage caused by cyclone Freddy.

“This amount aims to support the rapid restoration of transport infrastructure, as well as the provision of education, health, energy, water supply and sanitation services,” in addition to the resumption of agricultural activity, it said in a statement.

The funding is “in response to a request for support from the ministry of the economy and finance to deal with the emergency that affected over 1.1 million people,” and is provided “under the Contingency Emergency Response Component” of the World Bank.

Of the $150 million, $100 million (€93 million) is allocated in the form of grants and $50 million (€46.5 million) as subsidised credit.

The largest shares are $51 million for transport, $19 million (€17.6 million) for agriculture and $26 million (€24 million) for water supply and sanitation.

These funds are drawn from existing World Bank projects in Mozambique and complement the additional $300 million (€279 million) grant approved in April.

“Both grants follow the bank’s global post-disaster damage estimate that assessed the damage from the cyclone at US$1.5 billion (€1.4 billion),” the document reads.

The World Bank has been supporting Mozambique in responding to climate shocks since 2019, including in the start-up of the first sovereign risk insurance to protect against cyclones and rain.

“Our priority is to support the government to respond quickly to this emergency and ensure that affected people can recover as quickly as possible,” said Xavier Chavana, World Bank disaster risk management specialist in Mozambique, quoted in the note. 

See Also

Cyclone Freddy is part of a set of extreme phenomena that scientists believe is gaining strength due to rising temperatures across the planet.

It was one of the longest cyclones on record (37 days between 5 February and 14 March) and the one that covered the greatest distance, exceeding 10,000 kilometres, since it formed off northern Australia and crossed the entire Indian Ocean to southern Africa.

The storm caused hundreds of deaths and widespread destruction in central Mozambique and Malawi.

Lusa

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