Free-standing Single Purpose Trust Fund (FSSP) Execution, delivery, authorization by all necessary corporate action of the Grant Agreement (GA) Effectiveness Description of Condition Execution, delivery and authorization by all necessary corporate action of the Agreement, as will be evidenced by the legal opinion of counsel acceptable to the World Bank that CCRIF SPC shall furnish to the World Bank (articles 5.01 and 5.02 of the GA). Source Of Fund Name Type FSSP Retroactive Financing Disbursement Description of Condition No withdrawal shall be made for payments made prior to the date of the Grant Agreement, except that withdrawals up to an aggregate amount not to exceed $3,900,000 equivalent may be made for payments made prior to this date but on or after January 1, 2015, for Eligible Expenditures under the Project (Schedule 2, Section IV. B.1. of GA). Team Composition Bank Staff Name Role Title Specialization Unit Ana Campos Garcia Team Leader (ADM Responsible) Senior Disaster Risk Management Specialist Disaster Risk Management GSURR Nancy Chaarani Meza Team Leader Operations Officer Operations GSURR Daniel Jorge Arguindegui Procurement Specialist Senior Procurement Specialist Procurement GGODR Lourdes Consuelo Linares Loza Financial Management Specialist Sr Financial Management Specialist Financial Management GGODR Andres Mac Gaul Team Member Senior Procurement Specialist Procurement GGODR Bontje Marie Zangerling Team Member Consultant Operations GSURR Carolina Diaz Giraldo Team Member E T Consultant Disaster Risk Management GSURR Christopher J. Chung Team Member E T Consultant Operations GSURR Concepcion Aisa Otin Team Member Senior Financial Officer Treasury FABBK Fernando Braganca Team Member Temporary Team Assistant Gabriela Grinsteins Counsel E T Consultant Legal LEGLE Guillermo A. Siercke Team Member Consultant Operations GSURR Jimena Garrote Counsel Senior Counsel Jose Angel Villalobos Team Member Senior Insurance Specialist Insurance GFMDR
Keren Carla Charles Team Member E T Consultant Disaster Risk Management Oscar Anil Ishizawa Escudero Team Member Senior Disaster Risk Management Specialist Disaster Risk Management GSURR Ramiro Ignacio Jauregui-Zabalaga Counsel Senior Counsel Legal LEGLE Tatiana Cristina O. de Abreu Souza Team Member Finance Officer Disbursements WFALN Victor Manuel Ordonez Conde Team Member Senior Finance Officer Disbursements WFALN Extended Team Name Title Office Phone Location . Locations Country First Administrative Division Location Actual Comments . Consultants (Will be disclosed in the Monthly Operational Summary) Consultants Required? Consultants will be required
catastrophic events having a modeled frequency of at least 1/200 years Intermediate Result (Component Two): Finance Parametric Climate Risk Insurance for COSEFIN Participating Countries Fulfillment of technical preconditions to offer excess rainfall products that are credible to the reinsurance market (per COSEFIN country) Number No countries with technical design work completed. 0 0 1 3 Annual CCRIF progress reports Number of countries for which technical design work of risk model that is credible to the reinsurance market has been completed. Complete technical design work includes: (i) country - risk assessment models (ii) model calibration (national government engagement and verification) (iii) actuarial analyses; and (iv) country-specific insurance designs Climate risk related policies for COSEFIN member countries provide increasing insurance coverage and/or a lower attachment point (insurance deductible) for a given premium amount Yes/No YR1 Base line Y Y Y Annual CCRIF progress reports CCRIF Increased coverage and/or decreased deductible. The attachment point (insurance deductible) is the value at which an insurance payout is triggered and the coverage is the maximum payout for a given peril during the policy period. Pricing of the climate risk related policies purchased by COSEFIN member countries has actuarial consistency with CCRIF’s survivability and sustainability Yes/No No track record Y Y Y Y Annual CCRIF progress reports CCRIF Capitalization amount for tropical cyclone and excess rainfall. Reserves to back up claims are equivalent to or larger than payouts arising from a series of catastrophic events having a modeled frequency of at least 1/200 years Intermediate Result (Component Three): Finance Parametric Climate Risk Insurance for CARICOM Participating Countries Fulfillment of technical preconditions for improved models for CARICOM countries with excess rainfall coverage and/or development of new models to offer climate risk Number 8 CARICOM countries with country-risk excess rainfall models calibrated and with coverage 0 2 3 4 Annual CCRIF progress reports CCRIF Number of additional countries for which technical design work of climate risk models that is credible to the reinsurance market has been completed term
4: (ORAF) Central America and Caribbean: (P149670) . Risks . Project Stakeholder Risks Stakeholder Risk Rating Substantial Risk Description: Risk Management: Delayed decisions on the part of Central American countries and the Dominican Republic to join CCRIF. Fiscal constraints could result in reduced political and / or financial support among Central American countries and the Dominican Republic to join CCRIF. The WBG, UST and CCRIF itself are sustaining a close, high-level dialogue with Central American countries and the Dominican Republic to continue building their understanding of the vital role of insurance as part of a broader disaster risk management strategy. The MOU establishing the parameters of the partnership between COSEFIN and CCRIF has been signed, and Nicaragua has signed its Participation Agreement to join CCRIF. In addition, the Bank team is in advanced discussions with El Salvador to join CCRIF for the upcoming policy year 2015-2016. Resp: Both Status: In Progress Stage: Both Recurrent: Due Date: Frequency: Implementing Agency (IA) Risks (including Fiduciary Risks) Capacity Rating Low Risk Description: Risk Management: Limited capacity to include additional members within CCRIF’s current technical and fiduciary capacity may be overwhelmed by the new memberships as well as additional products offered. Operations could consequently become more complex. CCRIF’s capacity to meet its clients’ needs has proven excellent and it has reviewed its procedures and Operations Manual to ensure readiness for Project implementation given its restructuring as a SPC. In addition, the signing of the MOU between COSEFIN and CCRIF led to the creation of the CA Trust and CA SP, which were necessary steps to enable the participation of individual COSEFIN countries within CCRIF. Resp: Both Status: In Progress Stage: Both Recurrent: Due Date: Frequency: Governance Rating Moderate
5: CENTRAL AMERICA AND CARIBBEAN: Strategy and Approach for Implementation Support The strategy for World Bank implementation support is based on the nature of the proposed Project and its risk profile. As per the ORAF, overall implementation risk is rated as Substantial, due to the challenges that may derive from the inter-institutional arrangements and the large number of necessary partners in the process. Accordingly, the implementation support will focus initially on ensuring that stakeholder engagement mechanisms are adequately implemented. At the same time, significant amounts of technical studies, analyses and reports will have to be generated in order to inform tailored discussions with stakeholders. Specialized / follow-up missions of particular team members will be scheduled. The World Bank team will continue to coordinate with other development partners supporting catastrophe risk insurance (and DRM generally) across the Central America and Caribbean The World Bank Task Team will maintain a close interaction and will share mission findings promptly with relevant authorities and stakeholders. The strategy is proposed as an indicative and flexible instrument which will be adjusted during project implementation and as part of the Implementation Status and Results Reports (ISR) and adjusted based on Project conditions. Implementation Support Plan Task team leadership as well as fiduciary and technical aspects will be managed from the World Bank’s Washington office. The World Bank will hire international and national consultants if necessary to round out the skills mix of its implementation support team. The main focus of implementation support is summarized below. Time Focus Skills Needed Resource Estimate Partner Role First 24 months (SWs/year) Technical review of documents for initial activities to ensure accelerated implementation start Legal Specialist Actuarial Specialist Financial Specialist DRM Technical Specialists 24 SWs N/A FM supervision FM Specialist 1 SWs Project Management / Operational Support and Task Team Leader Lead Specialist ETC2 / DRM Specialist 8 SWs 9SWs 44 SWs 25-48 months Evaluation Reports Evaluation STC 34 SWs