Following December earthquake, World Bank provides $30 million grant to boost Vanuatu's recovery and resilience

Port Vila, January 16, 2025 – The World Bank continues to support Vanuatu in recovering from the devastating 7.3 magnitude earthquake last month with additional financing of $30 million. This new grant will provide US$20 million for immediate reconstruction and response while providing US$10 million in emergency funding that will enable rapid access in the event of any future disaster or health emergency. This assistance also supports reforms aimed at ensuring financial stability, improving governance and transparency, and enhancing long-term resilience planning.

“We are grateful for the World Bank’s rapid response and continued partnership,” said Vanuatu’s Interim Minister of Finance and Economic Management, His Excellency the Minister. Johnny Kwanapo. “This assistance will provide much-needed resources to help us recover from the recent earthquake and strengthen our ability to meet future challenges. These funds are vital to protecting the people of Vanuatu and supporting development.

This assistance is in addition to US$12 million in emergency financing provided by the World Bank, which was disbursed a few days after the December 17, 2024 earthquake that destroyed the capital, Port Vila. This was provided through flexible and rapid access to financing that enabled Vanuatu to meet immediate recovery needs.

The World Bank also conducted a Global Rapid Post-Disaster Damage Assessment (GRADE), providing important insights into direct economic damage to physical assets to guide recovery efforts and mobilize additional financing. The GRADE report estimates direct damage from the earthquake at US$197 million, equivalent to 17 percent of Vanuatu's 2023 GDP. The report also found that the disaster could push more than 2,150 people into poverty.

“These grants, along with initial emergency financing and rapid damage assessments, will help strengthen financial stability and strengthen Vanuatu’s resilience to future shocks,” said Annette Leith, World Bank Resident Representative in Vanuatu. He added: “We will continue to work with the government to ensure that the country is better equipped to protect its people and its economy.”

In the long term, this assistance from IDA, the World Bank's fund to assist countries most in need, will help ensure financial stability by improving governance processes while strengthening Vanuatu's ability to prepare for and respond to natural disasters. It also supports measures to improve institutional and policy frameworks under Vanuatu's Disaster Risk Management Act, including strengthening oversight during future emergencies and expanding financing options for disaster resilience.

Vanuatu faces exceptional challenges as one of the world's smallest, most remote and most climate-vulnerable countries. The country's exposure to recurring shocks – including tropical cyclones, earthquakes and economic shocks – underscores the need for robust financial and disaster management systems that will support this process.

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