World Bank ICR Mission Team Holds Concluding Follow-Up Meeting with PCRIC
Recently, a team from the World Bank conducted an Implementation Completion and Results Report (ICR) mission on the PCRAFI project. As part of this mission, a follow-up meeting was held with the PCRIC team to discuss the monitoring and evaluation (M&E) framework and aspects of the company’s financial sustainability.
During the meeting, the PCRIC team emphasized that the M&E framework aligns with the key thematic areas outlined in both its Strategic Plan and Business Plan. It encompasses both the project indicators agreed upon with the World Bank along with PCRIC’s own relevant indicators.
Regarding financial sustainability, the discussions primarily focused on PCRIC’s goal of achieving a breakeven level. This objective has been thoroughly addressed in PCRIC’s new Business Plan, with the aim of reaching a breakeven point by the end of December 2025. However, the attainment of this goal largely relies on the continued premium subsidy support from donor partners to Pacific Island Countries (PICs).
In this context, it is expected that the €9 million in premium finance secured from Germany-BMZ via the World Bank and the V20/Global Shield window will be made available to the countries supporting their own budget towards the cost of the premium in the upcoming years.
Nevertheless, it is assumed that given the current global economic situation, that PICs will still require premium subsidies on an ongoing basis in order to acquire meaningful coverage to support their financial resilience building.
PCRIC has emphasized to the mission team that the company is well capitalized, and a significant portion of its exposure is reinsured which means that its balance sheet is on a strong footing to cover for any extreme events.
On behalf of the Board, the PCRIC management team extended their heartfelt appreciation to the World Bank for their unwavering support since the inception of the company, and their anticipated continued assistance in the future.
