The World Bank will host a new facility that will help countries that suffer heavy economic loss due to climate change-driven disasters, its president David Malpass said on Tuesday.

Malpass announced the new instrument, called the Global Shield Financing Facility, at a meeting with German Chancellor Olaf Scholz, who has spearheaded the effort among G7 members to create a program to give vulnerable countries access to disaster risk finance and insurance.

Scholz announced at the UN Climate Change Conference in Egypt on Monday that it will offer 170 million euros for the Global Shield program.

(Reporting by William James; editing by Alex Richardson)

Photograph: In this photo provided by the Malacanang Presidential Photographers Division, houses are surrounded by floodwaters brought about by Typhoon Vamco inundate Cagayan valley region in northern Philippines on Sunday Nov. 15, 2020. Photo credit: Ace Morandante/Malacanang Presidential Photographers Division via AP.

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