The Disaster Risk Management Development Policy Loan with Catastrophe Deferred Draw Down Option was efficiently implemented, contributing to the Colombian government’s effort to strengthen the country’s program for reducing disaster risk. As such, the project financed the following: a) expansion of hazard monitoring network coverage; b) expansion of the number of municipalities with disaster risk management plans; c) relocation of people living in disaster impact zones; and d) defining a framework for contingent financing. The Catastrophe Deferred Draw Down Option was designed to provide a financing bridge to funds from other sources and supported the following strategic areas of action: a) Improved risk identification and monitoring and increased awareness of risk; b) Increased prevention and mitigation measures for risk reduction; c) Strengthened National System for Disaster Management and Prevention; and d) Reduced fiscal vulnerability of the state to natural disasters.
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