20 February 2018
The workshop for “Myanmar Southeast Asia Disaster Risk Management Project” was launched in Yangon on Tuesday. The workshop is the first time holding since establishment to present the updated status of the “Myanmar Southeast Asia Disaster Risk Management Project”.
The project was co-founded in December last year with the financial contribution by the World Bank and Southeast Asia Disaster Risk Insurance Facility which is supported by the Ministry of Finance of Japan and many other donors.
The project aims to improve drainage services and the structural performance of selected public facilities in Yangon. It also aims to enhance the capacity of the government to facilitate disaster response as disasters cost the country over 184 million US dollars annually.
Director, Myanmar, Cambodia, Lao, East Asia & Pacific Region (World Bank), Ellen Goldstein said “The project shares a number of different things. The project also sets up, which is very innovative, “Insurance Facility” which shares the risk of multiple countries. Myanmar, Cambodia and Lao are creating an IF so in advance of the disaster, there is financing available immediately.”
There are 5 main components to the project including the financing and project management.
The Treasury Department of the Ministry of Planning & Finance is in charge of component 1 and 5 and the remaining components will be carried out by the Engineering Department of Yangon City Development Committee.
Director General, Treasury Department (MOPF), Si Si Pyone said “The Treasury Department is in charge of component-1; the Insurance Facility other than loan processes. We got 20 million US dollars for the component-1. The world bank to take no interest on the money loaned; only with the 0.75% service fees for each year and the grace period is 6 years.”
Assistant Head, Engineering Department (YCDC), Nyan Thar said “We got 96 million US dollars in total for the component 2, 3 and 4. The project was approved by the World Bank’s Board of Directors on June 15 of 2017. The project will be supported till 2023. We are now at the stage of tendering the engineering design for the project.”
The project’s facility is aimed to be launched in early 2019 after the Ministerial level agreement on establishment of SEADRIF. The 3rd meeting of the regional technical working group is scheduled to be held on 23rd-24th of March in Nay Pyi Taw.