Germany helps set up relief fund

The fund is to make it possible for the most badly-hit countries to develop solutions to avoid risks.

Germany helps set up relief fund
dpa

Nusa Dua (dpa) - Germany and Britain, together with the World Bank, have established a new relief fund of 145 million dollars to help victims of natural catastrophe. "Natural catastrophes each year drag 26 million people into poverty when they suffer from the economic effects of earthquakes, hurricanes, flooding and other catastrophes," World Bank chief executive officer Kristalina Georgieva said Friday in Nusa Dua, Indonesia.

According to the World Bank, natural catastrophes in 2017 inflicted 300 billion dollars' worth of economic damage. The new fund is to make it possible for the most badly-hit countries to develop solutions for insurance systems and efforts to avoid risks.

"It is important that the news fund should concentrate on the poorest and most vulnerable people," commented Norbert Barthle, undersecretary in the German Development Aid Ministry.