Nicaragua Catastrophe Risk Insurance Project

Abstract*

The Honduras and Nicaragua Catastrophe Risk Insurance Project for Central America objective is to enable the access of Honduras and Nicaragua to efficient sovereign risk insurance associated with tropical cyclones, earthquakes, and or excess rainfall. This will be achieved by financing the entrance fee and insurance premium for Honduras for seven years and Nicaragua for four years in a regional initiative linking current Caribbean Community (CARICOM)... Show More

Development Objective

The Project Development Objective is to enable access of Nicaragua to efficient sovereign risk insurance associated with geophysical and climate-related events.

Key Details

Project Details

Project ID
P149895
Status
Closed
Team Leader
Mirtha Escobar Saenz , Rashmin Gunasekera, Mary Boyer
Borrower 2
Republic of Nicaragua

Country
Nicaragua
Disclosure Date
March 12, 2014
Approval Date
(as of board presentation)
June 18, 2014
Effective Date
June 1, 2015

Total Project Cost 1
US$ 12.00 million
Implementing Agency
Republic of Nicaragua
Region
Latin America and Caribbean
Fiscal Year 3
2014

Commitment Amount
US$ 24.00 million
Environmental Category
N/A
Last Update Date
December 21, 2021
Closing Date
June 30, 2021

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Environment and Natural Resource Management

FY17 - Climate change70%
- FY17 - Adaptation70%

FY17 - Finance

FY17 - Finance for Development25%
- FY17 - Disaster Risk Finance25%

FY17 - Urban and Rural Development

FY17 - Disaster Risk Management75%
- FY17 - Disaster Preparedness25%
- FY17 - Disaster Response and Recovery25%
- FY17 - Disaster Risk Reduction25%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	24.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	24.00
IBRD + IDA Commitment	24.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	12.00

Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025

No data available.

Detailed Financial Activity as of March 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
May 15, 2019	IDA-55310	Int Charges	379.97
Nov 15, 2019	IDA-55310	Int Charges	29,844.09
Nov 15, 2019	IDA-55310	Int Charges	190.03
Nov 15, 2019	IDA-55310	Int Charges	190.03
Jan 18, 2017	IDA-55300	Loan Cancel	10,574,616.00
Jan 18, 2017	IDA-55300	Loan Cancel	-10,574,616.00
Jan 18, 2017	IDA-55300	Loan Cancel	10,574,616.00
Jun 30, 2017	IDA-55310	Loan Disb	1,300,000.00
May 15, 2022	IDA-55310	Int Charges	601.52
May 15, 2022	IDA-55310	Int Charges	601.52
May 15, 2022	IDA-55310	Int Charges	-66.80
May 15, 2022	IDA-55310	Int Charges	66.80
Nov 15, 2022	IDA-55310	Int Charges	1,376.50
Nov 15, 2022	IDA-55310	Int Charges	1,376.50
Nov 15, 2022	IDA-55310	Int Charges	35,329.74
Nov 15, 2022	IDA-55310	Int Charges	35,329.74
Nov 15, 2020	IDA-55310	Int Charges	38,119.46
Nov 15, 2020	IDA-55310	Int Charges	38,119.46
May 15, 2021	IDA-55310	Int Charges	87.75
May 15, 2021	IDA-55310	Int Charges	87.75
May 15, 2021	IDA-55310	Int Charges	40,491.87
May 15, 2021	IDA-55310	Int Charges	40,491.87
Nov 15, 2020	IDA-55310	Int Charges	450.15
Nov 15, 2020	IDA-55310	Int Charges	450.15
Oct 30, 2021	IDA-55310	Loan Cancel	340,989.72
Nov 15, 2021	IDA-55310	Int Charges	39,824.93
Nov 15, 2021	IDA-55310	Int Charges	39,824.93
Nov 15, 2021	IDA-55310	Int Charges	283.51
Nov 15, 2021	IDA-55310	Int Charges	283.51
Nov 15, 2019	IDA-55310	Int Charges	29,844.09
Jul 30, 2019	IDA-55310	Loan Disb	1,840,000.00
May 15, 2020	IDA-55310	Int Charges	29.00
May 15, 2020	IDA-55310	Int Charges	29.00
May 15, 2020	IDA-55310	Int Charges	32,574.06
May 15, 2020	IDA-55310	Int Charges	32,574.06
Jul 1, 2020	IDA-55310	Loan Disb	1,610,000.00
May 15, 2018	IDA-55310	Int Charges	131.95
May 15, 2018	IDA-55310	Int Charges	131.95
May 15, 2018	IDA-55310	Int Charges	18,253.09
May 15, 2018	IDA-55310	Int Charges	18,253.09
Nov 15, 2018	IDA-55310	Int Charges	322.73
Nov 15, 2018	IDA-55310	Int Charges	322.73
Nov 15, 2018	IDA-55310	Int Charges	24,642.19
Nov 15, 2018	IDA-55310	Int Charges	24,642.19
May 15, 2019	IDA-55310	Int Charges	25,809.51
May 15, 2019	IDA-55310	Int Charges	25,809.51
May 15, 2019	IDA-55310	Int Charges	379.97
May 15, 2017	IDA-55310	Int Charges	12,329.65
May 15, 2017	IDA-55310	Int Charges	12,329.65
May 15, 2017	IDA-55310	Int Charges	314.76
May 15, 2017	IDA-55310	Int Charges	314.76
Nov 15, 2017	IDA-55310	Int Charges	200.54
Nov 15, 2017	IDA-55310	Int Charges	200.54
Nov 15, 2017	IDA-55310	Int Charges	16,950.73
Nov 15, 2017	IDA-55310	Int Charges	16,950.73
Jun 11, 2018	IDA-55310	Loan Disb	2,300,000.00
Jul 20, 2015	IDA-55310	Loan Disb	1,000,000.00
Aug 26, 2015	IDA-55310	Loan Disb	1,000,000.00
Nov 15, 2015	IDA-55310	Int Charges	3,994.83
Nov 15, 2015	IDA-55310	Int Charges	3,994.83
May 15, 2016	IDA-55310	Int Charges	76.25
May 15, 2016	IDA-55310	Int Charges	76.25
May 15, 2016	IDA-55310	Int Charges	7,374.18
May 15, 2016	IDA-55310	Int Charges	7,374.18
Jun 24, 2016	IDA-55310	Loan Disb	1,500,000.00
Nov 15, 2016	IDA-55310	Int Charges	89.01
Nov 15, 2016	IDA-55310	Int Charges	89.01
Nov 15, 2016	IDA-55310	Int Charges	11,586.45
Nov 15, 2016	IDA-55310	Int Charges	11,586.45
May 15, 2024	IDA-55310	Int Charges	37,511.57
Jun 18, 2014	IDA-55300	Loan Commitment	12,000,000.00
Jun 18, 2014	IDA-55310	Loan Commitment	12,000,000.00
May 15, 2023	IDA-55310	Int Charges	37,730.89
May 15, 2023	IDA-55310	Int Charges	37,730.89
May 15, 2023	IDA-55310	Int Charges	609.08
May 15, 2023	IDA-55310	Int Charges	609.08
Nov 15, 2023	IDA-55310	Int Charges	324.90
Nov 15, 2023	IDA-55310	Int Charges	324.90
Nov 15, 2023	IDA-55310	Int Charges	17,708.02
Nov 15, 2023	IDA-55310	Int Charges	17,708.02
Nov 15, 2023	IDA-55310	Int Charges	19,671.30
Nov 15, 2023	IDA-55310	Int Charges	19,671.30
May 15, 2024	IDA-55310	Int Charges	217.65
May 15, 2024	IDA-55310	Int Charges	217.65
May 15, 2024	IDA-55310	Int Charges	37,511.57
May 15, 2022	IDA-55310	Int Charges	37,121.23
May 15, 2022	IDA-55310	Int Charges	37,121.23

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Counterpart Funding	Highly Satisfactory	2021-07-08
Overall Implementation Progress (IP)	Highly Satisfactory	2021-07-08
Progress towards achievement of PDO	Satisfactory	2021-07-08
Procurement	Satisfactory	2021-07-08
Financial Management	Satisfactory	2021-07-08
Monitoring and Evaluation	Satisfactory	2021-07-08
Project Management	Satisfactory	2021-07-08

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 12-21-2021
Outcomes	Moderately Satisfactory
Risk to Development Outcome
Bank Performance	Highly Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW:	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Satisfactory	N/a
Borrower Performance		N/a
Government Performance	Not Rated	N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Nicaragua as member of CCRIF is eligible for catastrophe risk coverage and has received payment within a month of the occurrence ofa covered (insured) event	Value	0.00	100.00	0.00
	Date	June 1, 2014	June 28, 2021
	Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Policies provide increasing insurance coverage and/or lower attachment point (insurance deductible) for a given premium amount Value No Yes
Date June 1, 2014 June 28, 2021
Comment
CCRIF premiums for Nicaragua are lower than the simulated price for a comparable coverage purchased individually in the market Value Yes Yes
Date June 1, 2014 June 28, 2021
Comment

Policies provide increasing insurance coverage and/or lower attachment point (insurance deductible) for a given premium amount	Value	No	Yes
	Date	June 1, 2014	June 28, 2021
	Comment