World Bank supports Albania’s dealing with disasters

TIRANA, June 21 – The World Bank approved credit and a loan for the Disaster Risk Mitigation and Adaptation Project (DRMAP), which will strengthen institutional capacities to reduce Albania’s vulnerability to natural and man-made hazards and to limit human, economic, and financial losses due to these disasters.
This project contains phases, entitled Adaptable Program Loan (APL) for Albania and planned for three years.
The funding comes from an IDA credit of US $6.2 million and by an IBRD loan of US $3.0 million.
“This project is the first operation under the South Eastern Europe Disaster Risk Mitigation and Adaptation Program, and demonstrates Albania’s commitment to reducing its vulnerability to disasters on both the national and regional levels,” said Alison Cave, Task Team Leader.
The project will strengthen hydro-meteorological services, something that will support disaster risk reduction through the provision of accurate weather forecasts and services tailored to the needs of disaster risk managers in weather-sensitive sectors. The project also says that the development of building codes will help reduce risks from earthquakes by improving building codes and mechanisms for introducing improved standards. Catastrophe insurance will provide access to private catastrophe risk insurance to households and small and medium businesses, through the establishment of a new Catastrophe Risk Insurance Facility for South Eastern Europe.
Albania will be the first country in South East Europe to commit to participate in this innovative facility.
Albania joined the World Bank in 1991. World Bank commitments to the country, to-date, total approximately US $966 million for 66 operations.