The government of the Philippines has drawn $80 million to help in the recovery from super typhoon Rai (Odette) from the World Bank supported catastrophe contingent line-of-credit it has in place through a Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4.
As we reported more than one week ago, the Philippines had put the World Bank on notice for its catastrophe contingent line of credit, through the CAT-DDO instrument.
