水务部门支持干旱风险管理的金融工具

Financial Tools for theWater Sector to SupportHila Cohen Mizrav, Markus Enenkel, and Nathan L. Engle About the Global Department for WaterThe World Bank Group’s Global Department for Water brings together financing, knowledge, andimplementation in one platform. By combining the Bank’s global knowledge with country invest-ments, this model generates more firepower for transformational solutions to help countries growsustainably.Please visit us atwww.worldbank.org/wateror follow us on X:@WorldBankWater.About GWSPThis publication received the support of the Global Water Security & Sanitation Partnership (GWSP).GWSP is a multidonor trust fund administered by the World Bank’s Global Department for Waterand supported by Australia’s Department of Foreign Affairs and Trade; Austria’s Federal Ministryof Finance; Denmark’s Ministry of Foreign Affairs; the Netherlands’ Ministry of Foreign Affairs, theGates Foundation; Spain’s Ministry of Economic Affairs and Digital Transformation; the SwedishInternational Development Cooperation Agency, Switzerland’s State Secretariat for Economic Affairs;the Swiss Agency for Development and Cooperation; the United Kingdom Foreign, Commonwealthand Development Office; and the United States Agency for International Development.Please visit us atwww.worldbank.org/gwspor follow us on X:@TheGwsp. Financial Tools for theWater Sector to SupportDrought Risk ManagementWORKING PAPERHila Cohen Mizrav, Markus Enenkel, and Nathan L. Engle © 2025 International Bank for Reconstruction and Development / The World Bank1818 H Street NWWashington DC 20433Telephone: 202-473-1000Internet:www.worldbank.orgThis work is a product of the staff of The World Bank with external contributions. The findings,interpretations, and conclusions expressed in this work do not necessarily reflect the views ofThe World Bank, its Board of Executive Directors, or the governments they represent.The World Bank does not guarantee the accuracy, completeness, or currency of the dataincluded in this work and does not assume responsibility for any errors, omissions, ordiscrepancies in the information, or liability with respect to the use of or failure to usethe information, methods, processes, or conclusions set forth. The boundaries, colors,denominations, links/footnotes and other information shown in this work do not imply anyjudgment on the part of The World Bank concerning the legal status of any territory or theendorsement or acceptance of such boundaries. The citation of works authored by others doesnot mean the World Bank endorses the views expressed by those authors or the content of theirworks.Nothing herein shall constitute or be construed or considered to be a limitation upon or waiverof the privileges and immunities of The World Bank, all of which are specifically reserved.Rights and PermissionsThe material in this work is subject to copyright. Because The World Bank encouragesdissemination of its knowledge, this work may be reproduced, in whole or in part, fornoncommercial purposes as long as full attribution to this work is given.Any queries on rights and licenses, including subsidiary rights, should be addressed to WorldBank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA;fax: 202-522-2625; e-mail:pubrights@worldbank.org.Cover photo: Adobe Stock. Further permission required for reuse.Cover design: Bill Pragluski, Critical Stages, LLC. FINANCIAL TooLS FoR THE WATER SECToR ToSUPPoRT DRoUGHT RISK MANAGEMENTContentsExecutive SummaryAbbreviations1. OverviewImpacts on Different StakeholdersThe Financing GapMeso-Level ApproachNote2. Review of Existing Financing InstrumentsThe Role of Risk RetentionRisk Layering and AffordabilityInsuranceCredit and Contingent FinancingNotes3. Selected Financial Mechanisms Worth Exploring for Meso-Level Water StakeholdersHighlighted Financial Tools for Meso-Level StakeholdersThe Expanded Crisis Preparedness and Response ToolkitNotes4. Use Cases for Selected Meso-Level StakeholdersBeneficiary: Water ProviderBeneficiary: Irrigation AssociationBeneficiary: Reservoiroperator5. Main Takeaways and a Way ForwardFinancial Instruments Can Target Resilience and Shock ProtectionRiskownership and Transparent Models Are VitalTailored Financial Instruments Can Close Critical Gaps at the Meso LevelEffective Adaptation of Drought Finance Tools Varies by Region and ContextExisting Risk Pools Can Be Extended to Cover Drought RiskEvolving Frameworks Integrate Drought and Flood Risk ManagementMoving ForwardReferences iiiviii134667991112141516202122232323252626262627272732 ivFINANCIAL TooLS FoR THE WATER SECToR ToSUPPoRT DRoUGHT RISK MANAGEMENTBoxesParametric Protection against Floods for Low-Income CommunitiesCase Study: Kenya—Mix of Instruments to Finance Drought RiskCase Study: The Caribbean Catastrophe Risk Insurance FacilityCase Study: Colombia’s CoVID-19 ResponseFiguresFigure ES.1Figure 1.1Figure 2.1Figure 2.2Figure 2.3Figure 3.1Figure 3.2TableTable 5.1 10131819Positi