World Bank approves US$15mn loan for disaster repair, risk management

Friday, March 11, 2011

The World Bank has approved a US$15mn loan to help Saint Lucia repair key infrastructure damaged by Hurricane Tomas and improve the island's capacity to manage disaster risk.

The Hurricane Tomas emergency recovery project will provide goods, technical advisory services and emergency operating costs, help rebuild and repair damaged infrastructure and improve government and organizations' capacity to respond to future disasters.

The interest-free loan is payable in 35 years, including a 10-year grace period, according to a World Bank release.

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Hurricane Tomas swept over the Eastern Caribbean region on October 30, 2010, affecting almost the entire island of Saint Lucia and causing damage estimated at 43% of the country's GDP.