South Korea will contribute US$4.6 million to support WFP operations in Bangladesh to help households and communities become more resilient in the face of natural disasters.
The funds will be disbursed through the Korea International Cooperation Agency (KOICA), the government’s organisation for delivering assistance to developing countries.
The Building Resilience to Achieve Zero Hunger (BRAZH) initiative aims to reach over 4,000 families living in flood-prone areas in Kurigram Sadar and Chilmari sub-districts of Kurigram district in the northwest of the country from 2018-2021, said a press release.
WFP will be able to pilot a series of innovative approaches to resilience-building, including micro-insurance products to protect smallholder farmers and day labourers, forecast-based financing models to disburse aid before a predicted weather disaster, and seasonal livelihoods planning to develop climate-resilience options for livelihoods.
These activities will be conducted in close partnership with the Bangladeshi Ministry of Disaster Management and Relief, the Department of Disaster Management, local government, and national and international technical institutes.
The forecast-based financing pilot project was tested last month in a dry-run supported by multiple donors, and reached 3,800 households with mobile money transfers in a test of the system’s ability to disburse cash rapidly in the event of a disaster.
“These activities were designed based on the Saemaul Undong principle of self-help, diligence, and cooperation with participation and contribution based on Korea’s community development experience,” said Joe Hyungue, KOICA Country Director for Bangladesh.