Compliance Requirements for Banks in Chad Receive Boost with $100 Million Financing Package
Introduction
The World Bank has approved a significant financing package worth $100 million to support Chad’s efforts to strengthen its social protection system and increase access to safety nets for vulnerable populations.
Funding Breakdown
- The International Development Association (IDA) will provide the majority of the funding, with an additional $20 million coming from the Sahel Adaptive Social Protection Program.
Project Objectives
The Adaptive and Productive Social Safety Nets Project aims to enhance the productivity of extremely poor and vulnerable households, including refugee and host community households. Over a three-year period, the project will implement a package of integrated measures designed to help people cope with various shocks, such as climate-related disasters.
Key Components
- 40,000 acutely food-insecure households will receive a one-time emergency cash transfer to compensate for climate shocks, particularly droughts.
- In the event of flooding or a large influx of refugees, 25,000 households will be targeted as beneficiaries of a single emergency cash transfer.
Quotes from World Bank Officials
Clara de Sousa, World Bank Country Director for Burkina Faso, Chad, Mali, and Niger
“This new project demonstrates our commitment to supporting the government’s efforts to address the influx of refugees and design a system of national solidarity for populations experiencing the effects of poverty.”
Rasit Pertev, World Bank Country Manager in Chad
“Strong partnerships among various technical and financial partners are key to ensuring the success of this project. We are determined to support the strengthening of Chad’s social protection system and shock response mechanism, as well as advance the implementation of the country’s payment platform.”
Project Impact
The project is expected to benefit 781,200 people directly, targeting 62,200 households living in extreme poverty and vulnerable to climate shocks.
Coverage Area
The Adaptive Social Safety Net Project covers nine provinces based on their levels of poverty, exposure to climate shocks, food insecurity, and number of refugees.
About the International Development Association (IDA)
Established in 1960, IDA is a critical arm of the World Bank that helps low-income countries by providing grants and low-to-zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve people’s lives. Since its inception, IDA has provided $552 billion to 115 countries.