CHOGM: Developing countries affected by disasters

International Development Secretary hails role of innovation and finance in helping developing countries to build back better after natural disasters

International Development Secretary Penny Mordaunt will today highlight the important role that science, innovation and the City of London can play in helping developing countries build resilience against and recover after natural disasters.

At an event at Lloyd’s of London, Mordaunt will join Dame Inga Beale, CEO of Lloyd’s of London, to showcase how science and technology are powering the design of innovative financial products which are helping developing countries recover more quickly after extreme climates and disasters.

At the event – held on the first day of this week’s Commonwealth Heads of Government Meetings – Ms Mordaunt will announce:

• A package of support to help the Caribbean better prepare for future disasters and explore how innovative financial products can provide much-needed pay-outs quickly, to help speed the recovery of businesses and critical services, like power, hospitals and schools.
• An increase in continued support to the Pacific disaster risk insurance pool (PCRAFI) following the disaster wreaked by Hurricane Gita in Tonga last year, to strengthen its proven ability to pay out after future disasters.

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The Commonwealth Heads of Government Meetings take place this week in London, bringing together representatives from business, civil society and government from across the Commonwealth.