The World Bank says it has expanded its lifeline to the Caribbean and other small countries struggling to rebuild from disasters.
The World Bank says this will allow them to postpone loan and interest repayments after a catastrophic event, so governments can focus on recovery rather than paying off debt.
The Washington-based financial institution said its Climate Resilient Debt Clause now covers all natural disasters, including droughts, floods and health emergencies like pandemics.
The World Bank said St. Vincent and the Grenadines exercised the deferral option after Hurricane Beryl.
So far, the World Bank said 14 countries, out of 45 that are eligible for CRDCs, have included this clause in their loan agreements.
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