ADB launches disaster risk financing project for Hue city
VGP – The Asian Development Bank (ADB) launched a project to help alleviate risks of natural disasters in Hue city, the central province of Thua Thien-Hue on October 10.
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Disaster risk financing (DRF) helps prepare the financial sources before loss events occur, thus helping to minimize the impactson capital flows. These grants are flexible and can be adjusted to suit the featur
Vice Chairman of the provincial People’s Committee Nguyen Van Phuong said ADB is one of the leading units in supporting Thua Thien-Hue to minimise natural disaster risks in recent years.
He mentioned other assistance project of the bank such as biodiversity conservation, climate change adaptation and sustainable forest management, and green urban development.
The objective of project is to ensure cost effective coverage
The project consists of four major contents, including mapping and analyzing high-risk and high-value public assets; researching the feasibility of disaster insurance in Viet Nam and in Hue city; designing appropriate disaster insurance structures to provide large-scale cost effective coverage; and developing capabilities and disseminating relevant knowled
Thomas W.Kessler, Principal Disaster Risk Insurance & Finance Specialist at the bank, said disaster risks in Viet Nam are estimated to cause direct losses of averagely US$1.4 billion every year.
By Vien Nhu