09/05/2024 | Press release | Distributed by Public on 09/05/2024 16:29
CHISINAU, September 5, 2024-The World Bank's Board of Executive Directors approved today a $40 million financing package for the Strengthening Moldova's Disaster Risk Management and Resilience (SMORE) Project, which aims to bolster Moldova's preparedness for and response to natural hazards and climate-related shocks that threaten lives, homes, and critical infrastructure.
The SMORE Project takes a comprehensive approach to improving disaster risk management in Moldova through three components:
"Moldova is among the most climate-vulnerable countries in Europe. The country has witnessed one significant negative climate and disaster-related event on average every three years since 2000," said Inguna Dobraja, World Bank Group Country Manager for Moldova. "Improving Moldova's emergency preparedness and response capabilities is critical for protecting human lives and preventing the loss of its development gains to disasters and climate change events."
The SMORE Project is supported through grant funds provided by the Global Facility for Disaster Reduction and Recovery (GFDRR) and the Technical Assistance Financing Facility (TAFF) for Disaster Prevention and Preparedness, which is financed by the European Commission's Directorate-General for European Civil Protection and Humanitarian Aid Operations (DG ECHO) and administered by GFDRR.
The World Bank and Moldova
Since 1992, the World Bank has allocated over $2.1 billion to more than 70 operations in Moldova, covering areas like regulatory reform and business development, modernization of government services, tax administration, land registration, education, roads, health, agriculture, water, sanitation, and energy. As of September 2024, 14 active World Bank operations in Moldova are improving the lives of tens of thousands of people across the country-including school children, farmers, persons with disabilities, and refugees from Ukraine. Current engagements by the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA), members of the World Bank Group, include projects in the financial sector, private and public sectors advisory, and risk insurance.