GSFF serves as one of three financing vehicles of the Global Shield (Figure 1). It is the primary vehicle for projects that can be integrated into ongoing World Bank programs on risk finance, social protection, disaster risk reduction, and market development, among others. As a Global Shield financing vehicle, GSFF can implement funds through World Bank projects and, under exceptional circumstances, transfer them to other eligible organizations. Its role is to respond to countries’ requests for CDRFI support through inclusive, country-led processes, thereby facilitating increased access to pre-arranged financial instruments and mechanisms that protect against disasters.
GSFF works collaboratively with the two other Global Shield financing vehicles—the Global Shield Solutions Platform and the Climate Vulnerable Forum/V20 Joint Multi-Donor Trust Fund—to support the in-country process (ICP). This is a central element of the Global Shield that facilitates the identification of country-specific needs and options of interventions.
The ICP is an inclusive, country-led process which engages all stakeholders relevant to advancing CDRFI, including the needs and perspectives of vulnerable and affected groups. The ICP aims at facilitating greater understanding and informed decision-making by governments on risks, vulnerabilities, protection gaps, and the potential role of different CDRFI interventions and instruments in addressing these gaps. It ultimately enables countries to submit a request for CDRFI support to the Global Shield. GSFF makes substantial contributions to the ICP for countries where there is well-established World Bank dialogue on CDRFI (through prior or potential engagement as part of World Bank programs); in cases where World Bank CDRFI engagements are not present, the GSFF aims to identify entry points in the existing World Bank program that align with the country’s request to the Global Shield, while adhering to World Bank governance processes and ensuring alignment with established program priorities. GSFF supports countries at all stages of the ICP through technical and financial resources.
