The Global Risk Financing Facility (GRiF) was established in 2018 to scale up financial preparedness to climate shocks, disasters, and crises. GRiF is one of the members of the Program Alliance, and as other programs in the Alliance, contributes to Vision 2025 of the InsuResilience Global Partnership. GRiF will achieve its objective by providing financing and technical assistance to countries to put in place financial solutions (e.g. sovereign risk insurance, shock-responsive safety nets, contingency funds, guarantees, etc.) in advance of disasters and shocks so that funds are available to developing country governments in time of need.
GRiF finances:
- Investments supporting risk financing mechanisms e.g. start-up or operating costs for sovereign insurance, risk pools, disaster funds, etc.
- Costs of risk financing mechanisms e.g. co-payment of insurance premiums, capital for risk pools and guarantees, etc.
- Investments that help link pre-arranged funding to national delivery mechanisms e.g. establishing triggers and adapting social safety nets to scale up in response to disasters, integrating disaster risk into public financial management systems
- High impact global public goods and analytical work that facilitates implementation of risk financing solutions
GRiF is a Multi-Donor Trust Fund (MDTF) that is implemented by Crisis and Disaster Risk Finance (formerly known as Disaster Risk Financing and Insurance Program) and the MDTF is hosted by the Global Facility for Disaster Reduction and Recovery.
Further information: https://globalriskfinancing.org/