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Financial Institution Risk Management in Dominican Republic Gets a Boost

The Dominican Republic has taken significant strides in strengthening its institutional capacity for disaster risk management, with a focus on public investment, territorial planning, and financial protection. A major project implemented between 2012 and 2015 aimed to mainstream disaster risk reduction across various sectors.

Key Components Drive Progress

The project was divided into five main components, each addressing critical areas of disaster risk management:

1. Information Management

Developing a National Integrated Information System for Disaster Risk Management, which enabled the efficient use of risk information at all levels.

2. Public Investments

Updating norms and procedures for public investment projects to make them more disaster-resilient, in coordination with the Public Investment Directorate.

3. Territorial Planning

Integrating disaster risk management into the Territorial Planning System to ensure sustainable development.

4. Financial Protection

Assisting the Government of the Dominican Republic in developing a cost-effective and sustainable disaster risk financing strategy, coordinated with the Ministry of Finance.

5. Coordination

Contributing to donor coordination among those financing prospective risk management, harmonizing efforts and creating synergies.

Notable Achievements

The project yielded significant results:

  • An analysis conducted jointly with the Ministry of Economy, Planning and Development revealed that annual average losses from natural disasters in the Dominican Republic add up to $670 million, equivalent to 1.1 percent of GDP in 2013.
  • A territorial planning information system was designed and presented to the government, along with advisory services provided for the drafting process of a new disaster risk management law.

Partnerships and Coordination

The project was implemented by two key government departments: the Ministry of Economy, Planning and Development and the Ministry of Finance. Other counterpart institutions included:

  • The General Directorate for Territorial Planning and Development
  • The General Directorate for Public Investment

For more information on the analysis on the fiscal and economic impact of natural disasters in the Dominican Republic (available in Spanish), please refer to [insert link].