IBRD Loan: US$66 million (with a Catastrophe Deferred Drawdown Option)
Terms: Maturity = 15 years; Grace = 3 years
Project ID: P122738
Project Description: The objective of the program is to enhance the Government of Panama's capacity to implement its Disaster Risk Management (DRM) program for natural disasters. Panama's vulnerability to natural hazards is increasing and exposure for people, goods and services is higher. This evolving risk scenario was manifested in December 2010, when intensive rainfall across Panama caused widespread flooding, even forcing the temporary closing of the Panama Canal due to unprecedented water levels in the artificial lakes. Extensive areas of Panama City also lacked potable water for weeks due to the associated impacts of the rainfall and flooding.