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PCRIC has entered into an MoU with the World Food Programme (WFP), marking a significant stride in Disaster Risk Financing (DRF) initiatives across the Pacific region.
This collaborative partnership between PCRIC and WFP will encompass a range of mutually beneficial endeavors by bringing the global expertise that WFP has with collaborating with other regional risk pools such as ARC, SEADRIF and CCRIF, with the strong technical capabilities of PCRIC towards risk modelling, public financial management and macro insurance solutions.
The key areas of cooperation between PCRIC and WFP include the exchange of critical information and technical expertise in the field of DRF, fostering capacity-building initiatives to enhance disaster resilience in Pacific countries, and promoting regional collaboration through knowledge-sharing events such as workshops.
Moreover, WFP has committed to providing substantial financial support in the form of a one-million-dollar contribution. This funding will be dedicated to premium financing, directly benefiting PCRIC’s insurance policyholders and reinforcing the overall resilience of the region. This partnership signifies a shared dedication to advancing DRF efforts for the well-being of Pacific nations.
PCRIC’s CEO, Mr. Aholotu Palu, expressed optimism regarding the tangible outcomes stemming from the company’s ongoing efforts to cultivate new partnerships. “The promising nature of such collaborations and initiatives is wholly towards enhancing the collective well-being and advancement of the Pacific region in its journey toward disaster resilience. PCRIC expresses gratitude for the support from WFP as we move forward in the execution of this MoU in the coming days.”
Moreover, the Director of Climate and Disaster Risk Reduction at the United Nations World Food Programme (WFP), Mr. Gernot Laganda, participated as a keynote speaker in PCRIC’s inaugural COP28 side event, imparting a positive outlook on the established collaboration between the two institutions.