Joint Agreement Toward Disaster Risk Financing and Insurance Signed

Cambodia, Japan, Laos, Myanmar and the World Bank have entered an agreement to work on the financing and insurance in order to address disaster risks threatening the countries.

Secretary of State for Economy and Finance H.E. Vongsey Vissoth represented Cambodia for the official signing of the Memorandum of Understanding in Yokohama city of Japan.

According to the update shared by the Ministry of Economy and Finance, the Memorandum of Understanding will enable a joint technical working group for a quality feasibility studies leading to an establishment of financing and insurance package to respond to the damages caused by the natural incidents both to the affected people and the country.

ASEAN countries including Cambodia, added the source, are being threatened by the risks of natural disasters as well as climate change.

Figures show that about 85 percent of disasters happening are caused by climate, and common incidents are floods, wind storms, gusts of wind, drought and more.

Taking the opportunity, H.E. Vongsey Vissoth also thanked the people and Government of Japan for their continuing support to Cambodia.

Source: Agency Kampuchea Press