The World Bank, through its development arm International Development Association (IDA) has released an additional $60 million (about K44 billion) for Malawi’s post disaster recovery response.
The funds have been provided through the crisis response window credit to help Malawi’s recovery from recent disasters.
A statement from the bank indicates that from the additional funds, $20 million (about K14 billion) is a grant.
The statement further said following the devastating effects of Cyclone Idai, additional financing was deemed the most appropriate instrument to scale up key project components, thereby increasing the development impact of the project.
Reads the statement in part: “The objective has been revised to support the recovery of livelihoods and infrastructure in flood and drought affected areas and strengthen capacity for flood and drought risk management.”
Last December, President Peter Mutharika told the United Nations Climate Summit in Spain that Malawi needs K270 billion to recover from natural disasters caused by climate change.
He said: “In spite of challenges, Malawi is playing her part and fighting climate change. Climate change is recognised as a key priority in Malawi Growth and Development Strategy. This is our policy blueprint for driving the development agenda.”
Last year, floods affected an estimated 975 588 people, displacing over 90 000 and killing 60. The most affected districts were Chikwawa and Nsanje.
The World Bank then estimated that post-recovery disaster needs for Malawi will need $368.3 million (about K277 billion).