On the morning of October 10, the Asian Development Bank (ADB) held a ceremony to launch a project Disaster Risk Financing for Hue City.
Vice Chairman of the Provincial People’s Committee Nguyen Van Phuong speaking at the launching ceremony
The project Disaster Risk Financing for Hue City is supported by the Urban Climate Change Resilience Trust Fund (UCCRTF) managed by the ADB. The main partners coming from the government of the United Kingdom, the Department for International Development (DFID), the Swiss Government, the Swiss Secretariat for Economic Affairs (SECO) and Rockefeller Fund. The fund aims to mitigate the risks for urban communities that are vulnerable to climate change and natural disasters.
The goals of the projects are to ensure cost-effective insurance. It is necessary to know well the characteristics of risky public assets, the capacity of the local insurance market, as well as the legal environment for insurance and the awareness of decision-makers of public authorities on the value and applicability of insurance.
There are 4 main contents of this project including planning model and analyzing risky and high-value public assets, the applicability of natural disaster insurance in Vietnam and Hue city; designing the structure of natural disaster insurance to provide cost-effective insurance with wide coverage; developing capacity and disseminating knowledge to decision-makers.
Mr. Nguyen Van Phuong, Vice Chairman of the Provincial People’s Committee said that launching the project “Disaster Risk Financing for Hue City” will support Thua Thien Hue province in collecting documents on public assets in the city area. Thence, providing appropriate financial tools for disaster risks such as insurance, credit and capital environment to provide finance for the relief, rapid recovery and reconstruction after natural disasters.
According to Mr. Phuong, the project will play a very important contribution in reducing the risks caused by disasters to high-value assets in the city area, ensuring the rapid recovery after disasters and minimizing impacts on people’s livelihood, stabilizing the socio-economic situation of the localities.