Context: Recently the World Bank Group has announced a Global Shield Financing Facility to help developing countries access more financing for recovery from natural disasters and climate shocks.
About Global Shield Financing Facility Initiative:
- The Global Shield Against Climate Risks initiative was launched at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change in Sharm El-Sheikh, Egypt.
- The Global Shield Financing Facility will channel grants to developing countries through World Bank projects or through projects prepared by other participating partners, including UN agencies and multilateral development banks.
- It will also work closely with key stakeholders, such as civil society organizations, risk pools, private sector and humanitarian partners.
- Pakistan, Bangladesh, Costa Rica, Fiji, Senegal, Philippines and Ghana will be the first to receive assistance under this initiative.
- The initial contributions for this initiative are provided Germany, Denmark, Ireland and Canada.
