By NEIL HARTNELL Tribune Business Editor [email protected] The Bahamas will cut its disaster recovery costs by 28 per cent it takes out its $100 million ‘contingent loan’ facility, the Inter-American Development Bank (IDB) is asserting. The IDB, in its proposal for the emergency financing, argued that its facility would amount to 72 per cent of the costs incurred by the Government in seeking bank loans or issuing debt in the aftermath of a catastrophe. It said the savings would hold true even if the Government has to fully draw down on the $100 million facility, but warned that the funding will only be made available if the Bahamas implements an adequate Comprehensive Natural Disaster Risk Management Programme (CDRMP). The IDB document, released yesterday, said unidentified “progress indicators” had been agreed with the Government for the implementation of such a programme, as it warned that a “once in 100 years” hurricane could wipe out 8.5 per cent of GDP – or close to $1 billion in economic output – should it strike the Bahamas’ major population centres. Touting the cost advantages of its $100 million facility, the IDB said: “The Net Present Value (NPV) of the cost of financing the IDB… Read full this story
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