World Bank approves $80 million loan to help Colombia to reduce Bogota’s vulnerability to natural disasters

The World Bank has approved an $80 million loan to Colombia in support of a program that seeks to reduce vulnerability to natural disasters in the capital city of Bogota .

“With more than 7 million inhabitants and about 25 percent of the country’s GDP, the Capital District of Bogota concentrates important risks,” said Isabel Guerrero, World Bank Director for Colombia and Mexico . “The project will contribute to the Government of Colombia’s long-term program to save lives and reduce social, economic, and financial losses resulting from adverse natural events, such as earthquakes, floods, and landslides.”

The Bogota Disaster Vulnerability Reduction Project will strengthen the capacity of the Capital District to manage disaster risks and reduce its vulnerability in key sectors. This project is the second phase of a program that supports interventions in key regions that combine high vulnerability to natural disasters with a high level of economic activity and contribution to the country’s GDP.

In particular, the project will support the following activities:

* Enhance the capacity of the District of Bogota to identify and monitor risks by upgrading hydrologic, seismic and volcanic detection and forecasting systems, as well as conducting vulnerability assessments that will help it better target its investments and identify potential calamities before they occur.

*  Continue the city government’s existing risk reduction efforts to ensure the functioning of critical facilities and lifeline infrastructure in the event of adverse natural or technological catastrophes.

* Strengthen the District Administration’s effectiveness and capacity to prepare for, respond to, and recover from significant emergencies through the provision of training and equipment.

* Increase awareness at the community level about the importance of risk mitigation and disaster preparedness through activities such as education in disaster management and the preparation of emergency response plans.

* Develop a risk financing strategy for losses arising from natural disasters, which will provide the Municipality of Bogota D.C. with a financial strategy that guarantees the appropriation of resources needed for disaster reconstruction or rehabilitation.

The first phase of the program, supported with a $260 million loan approved by the Board of Directors on May 10, 2005 , aimed to strengthen the capability of the national disaster risk management system to support comprehensive disaster risk reduction activities in about 1,000 municipalities.

The new $80 million fixed-spread loan from the International Bank for Reconstruction and Development (IBRD) is repayable in 17 years, and includes a five-year grace period.

•Date: 7th March 2006• Region: S.America • Type: Article •Topic: DR general
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