What are we funding?
GRANT AMOUNT | ENDORSEMENT DATE | ACTIVITIES | INSTRUMENTS SUPPORTED | WB PROJECT |
US$8 million | December 12, 2024 | Developing a financial package that protects public assets by combining budgetary or contingent financing instruments and insurance so that Costa Rica can increase the coverage or amount of the emergency cash transfers provided through its social protection system. A sovereign/macro insurance product could provide additional funds for the social protection system in the event of a severe shock that exceeds the capacity of the other financial instruments. |
| Costa Rica Climate Resilient Recovery and Territorial Development Project (P178049) US$350 million (approved March 8, 2024) (IBRD)
Costa Rica Social Risk Management DPL DDO (P181372) US$200 million (approved Nov 25, 2024) (IBRD) |
- Costa Rica’s social protection system—Sistema Nacional de Información y Registro Único de Beneficiarios del Estado (SINIRUBE)— covers the country’s entire population, including migrants, and its cash transfer program for nationals is linked to bank accounts to facilitate accurate and timely payments. Nonetheless, unplanned growth—especially in urban areas and in regions with poorer populations and weak infrastructure—is increasing the country’s vulnerability to climate shocks. The combined impacts of Tropical Storm Eta in 2020 and severe rainfall on the Caribbean coast in 2021 affected nearly 70 percent of the country’s territory.
- The GSFF Steering Committee has endorsed a US$8 million grant proposal to support Costa Rica in establishing a suite of financial instruments that provide the necessary funds to rebuild public infrastructure damaged by disasters and increase the country’s financial capacity.
- The grant would also fund improvements to the social protection system itself so that disaster response is faster, more transparent, and more closely linked to existing disaster risk management mechanisms such as the National Disaster Fund.
- The grant would be embedded in a larger ongoing World Bank project to make Costa Rica’s infrastructure and critical public services more resilient to climate and natural hazard impacts. The grant award is contingent upon approval of additional financing for the project, which is currently expected in FY26.