Advancing Resilience in Small Island States: Cutting Red Tape

APIA, Samoa, September 2, 2014 – The World Bank Group announced that it will increase its support for disaster and climate resilient development in small island developing states from $145 million per year to approximately $190 million and will work with partners for a Small Island States Resilience Initiative.

The initiative is designed to meet the unique needs of small islands with tailored technical expertise and funding to build resilience and address the impacts of climate change. It builds on the existing World Bank Group Small Islands Program and aims to find ways to reduce red tape.

Make the announcement in Apia today, Rachel Kyte, World Bank Group Vice President and Special Envoy for Climate Change, noted, “As some of the most threatened people and places on the planet, small island nations are stepping up their efforts to address climate change. This initiative is designed to meet the specific needs of small islands and to facilitate, accelerate and simplify access to finance to address resilience and climate change..”

the Small Island States Resilience Initiative East a response to the demands of island leaders who have asked the international community for increased and improved assistance in the face of increasing disasters and climate change – which stifle growth prospects and can sometimes threaten their very existence.

Two-thirds of the countries with the highest disaster losses relative to GDP are small island states, with average annual losses ranging between 1 and 9 percent of GDP. These averages hide extremes – sometimes a single disaster can overwhelm an island’s entire economy. Losses of this magnitude represent a huge burden on a country’s budget and fiscal position, with serious implications for growth and development prospects.

In addition, island nations often have to contend with fragmented donor support which creates an unnecessary burden on government capacity. Samoa, for example, currently runs 14 different climate and disaster resilience projects. The Solomon Islands manage 22.

“We hope this initiative will help pool donor resources currently available, reduce transaction costs, enable economies of scale between countries and, most importantly, lay the foundation for direct country access. to the global climate funds”, noted Kyte.

The announcement was made at the United Nations Conference on Small Island Developing States, held in Apia, Samoa, from September 1-4, 2014.