World Bank Approves $100 Million for Zambia’s Climate Resilience and Disaster Preparedness

The World Bank has approved a $100 million financing package to support Zambia's ability to withstand natural disasters and strengthen its economic and climate resilience. This initiative combines a Climate and Economic Resilience Development Policy Financing (DPF) grant with a Catastrophe Drawdown Option (Cat-DDO).

The package includes $25 million to address ongoing economic pressures and promote climate adaptation and $75 million allocated as contingent funding to provide immediate aid after a national disaster. This two-part financing aims to support Zambia in managing the current challenges caused by a devastating drought while preparing for future challenges.

Achim Fock, the World Bank Country Manager, emphasised that the DPF funding will help Zambia build a foundation for more sustainable and inclusive growth, a vital step in aiding a transition to a resilient economy.

Albert Pijuan, Senior Country Economist for the World Bank, highlighted the initiative’s focus on strengthening disaster risk management and enhancing social protection systems. He also noted its emphasis on climate adaptation measures, particularly in the water sector.

The financing is part of the World Bank’s broader commitment to helping Zambia recover from its debt crisis and develop sustainable growth. The package highlights the urgent need to address climate risks as the country navigates its path to economic stability.