News

World Bank and Republic of Korea Strengthen Partnership on Climate Change-Related Disasters

24 January 2011: The World Bank signed a Memorandum of Understanding (MoU) with the Republic of Korea's National Emergency Management Agency (NEMA) to strengthen cooperation for disaster risk reduction (DRR) and climate change adaptation.

The MoU reflects the more strategic approach adopted by the Bank to support developing countries to manage natural disasters and help them secure sustainable development. With a US$1.5 billion disaster risk management portfolio in East Asia and the Pacific, the World Bank provides investment lending for specific emergency response, disaster mitigation, prevention, and vulnerability reduction projects. Together with the Global Facility for Disaster Reduction and Recovery (GFDRR) and its donor members, the World Bank offers a strategic and operational framework to facilitate the implementation of the Incheon Action Plan formulated by the fourth Asian Ministerial conference.

The MoU aims to strengthen the partnership between NEMA and the World Bank in the field of DRR and climate change adaptation by enhancing the capacity of relevant stakeholders across Asia and the Pacific. GFDRR and World Bank will closely work with the Government of Korea to provide appropriate training and leadership development orientation programmes for disaster risk management professionals in the region to mainstream the agenda across all development sectors. [World Bank Press Release]