CAREC Disaster Risk Engagement Workshop 2023

The 2nd in-person CAREC Disaster Risk Engagement Workshop was held in Islamabad, Pakistan on 18-19 July 2023. This event brought together key government stakeholders from Ministries of Finance and Disaster and Emergency Management agencies of Central Asian Regional Economic Cooperation (CAREC) member countries and representatives from the Asian Development Bank (ADB).The workshop focused on the progress, deliverables, and results of the ADB-funded technical assistance (TA) project on “Developing a Disaster Risk Transfer Facility in the CAREC Region”. A roadmap for the development of a CAREC Disaster Risk Transfer Facility was presented and discussed, which will provide innovative approaches to mitigate and manage disaster risks. Additionally, participants discussed a proposal for an ADB-sponsored Disaster Relief Bond for all CAREC countries, leveraging the tools and methodologies developed during the project.

Attendees had the opportunity to further enhance their understanding and proficiency in utilizing the Disaster Risk Modelling Interface (DRMI). Demonstrations and interactive group discussions showcased the DRMI’s key features, including the ability to visualize the risk profiles for earthquake, flood and infectious diseases; perform high-level cost-benefit analysis of implementing disaster risk reduction measures; and quantify risk transfer costs for earthquake and flood parametric insurance structures.

The workshop also included a discussion on an Infectious Disease Risk Financing Framework, highlighting the importance of addressing health-related risks through investments in national health security systems and regional solutions that could be activated with immediate financing in the occurrence of an infectious disease event.

A joint statement developed during this event will be presented at the upcoming Ministerial Conference in November 2023, marking a significant step forward in advancing CAREC’s disaster risk transfer solutions.