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Africa's Disaster Shield: World Bank's Innovative Three-Tiered Financial Solution

Eastern and Southern African (ESA) nations face increasing vulnerability to climate-related disasters, with devastating impacts on their populations and economies. A series of Tropical Cyclones severely impacted the region in recent years: Idai in 2019 caused $3 B in damages, Eloise in 2021 affected 467,000 people, Freddy in 2023 caused $507 M in damages, and Chido in 2024 affected more than 700 M people. Furthermore, a severe drought also hit Angola, Malawi, Zambia, and Zimbabwe in 2024. These increasingly severe climatic shocks will impact livelihoods and food security, which will decrease economic opportunities and increase migration and conflict across the region. […]