The initiative is designed to serve the unique needs of small islands with tailored technical expertise and funding to build resilience and deal with the impacts of climate change. It builds on the
Making the announcement in
The Small Island States Resilience Initiative is a response to requests of island leaders who have asked the international community for increased and improved assistance in the face of mounting 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 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 are an enormous burden on a country's budget and fiscal position, with serious consequences for growth and development prospects.
In addition, island nations often have to deal with fragmented donor support that creates an unnecessary burden on government capacity.
"Our hope is that this Initiative will help pool donor resources available now, reduce transaction costs, allow for economies of scale across countries, and, above all, lay the ground work for direct country access to global climate funds," said Kyte.
The announcement was made during the
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