The ASEAN+3 Task Force Meeting was convened on February 28 - 29, 2024 in Seoul, South Korea. During the Disaster Risk Finance (DRF) Initiative session, the ASEAN Secretariat reported on the progress of hiring the DRF Initiative Secretariat.
Ms. Hang Thu Vu, representing the World Bank team, provided updates on the action plan of the ASEAN+3 DRF Initiative. The discussion covered the four activity tracks: policy dialogue and implementation, financial solutions, knowledge solutions, and technical and data solutions. Ms. Hang also presented a proposal for the contingency finance workstream, which included the suggestion of the establishment of a working group. The idea was well received by the participants. The World Bank expressed its commitment to continue providing technical support to the working group for the development of these solutions. Mr. Kawai reported on recent developments at the SEADRIF Insurance Company, including the successful renewal of Laos' flood risk parametric policy and collaborative efforts with the Laos Ministry Of Finance to extend the full policy.
The Task Force Meeting underscores the collaborative efforts and support among ASEAN+3 members toward enhancing disaster risk finance mechanisms including SEADRIF and addressing regional challenges effectively. Stay tuned for more updates soon.