Cabinet approves US$100mn IDB loan to lower natural disaster risk

Wednesday, November 9, 2011

Panama's cabinet has approved a US$100mn loan from IDB to help reduce the country's vulnerability to natural disasters and climate change, according to a presidential release.

The program will push to implement relevant policies to enable local authorities to make the necessary budgetary provisions for potential future disasters.

The IDB loan will also fund training for authorities on improving information exchange and disaster response.

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Panama is one of the top countries in the world affected by natural hazards such as storms, flooding and earthquakes, as well as rises in temperature and sea level related to climate change. In the 25 years ending in 2008, the country suffered losses amounting to US$80mn from natural disasters.