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CAREC
Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region
PROFILE
Background
Willis Towers Watson, a GEM Advisor Sponsor is leading the consortium of organizations to implement the project, “Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region” supported by the Asian Development Bank.
The GEM Risk Team is responsible for the exposure and seismic vulnerability components of the project, with the Hazard Team providing support in the preparation of risk profiles for countries in the Central Asia Regional Economic Cooperation Region.
Objectives
The project has three main components: (i) development of disaster risk assessments and modeling in all CAREC countries; (ii) design of a regional pilot disaster risk transfer facility for at least three CAREC countries; and (iii) capacity building and awareness raising activities to sensitize key public and private stakeholders in all CAREC countries about the benefits of disaster risk reduction, risk retention and risk transfer solutions.
Location
Collaborators
Willis Towers Watson, a GEM Advisor Sponsor is leading the consortium of organizations that will implement the project.
The Central Asia Regional Economic Cooperation, or CAREC Program is a partnership of 11 countries (Afghanistan, Azerbaijan, People's Republic of China, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan), supported by 6 multilateral institutions, working together to promote development through cooperation, leading to accelerated growth and poverty reduction.
Beneficiaries
This program aims to increase collaboration between CAREC countries in disaster risk financing, including insurance. These countries include: Afghanistan - Nation-wide; Azerbaijan - Nation-wide; China - Xinjiang Uygur Autonomous Region and the Inner Mongolia Autonomous Region; Georgia - Nation-wide; Kazakhstan - Nation-wide; Kyrgyz Republic - Nation-wide; Mongolia - Nation-wide; Pakistan - Nation-wide; Tajikistan - Nation-wide; Turkmenistan - Nation-wide; Uzbekistan - Nation-wide.
Funding partner
The CAREC project is funded by The Asian Development Bank (ADB), an institution committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
Duration
2020- 2022
