Yokohama (FN), May 5 - In response to the impact of climate change and natural disaster, Cambodia, Japan, Laos, Myanmar and the World Bank (WB) signed a Memorandum of Understanding (MoU) on the Establishment of the Technical Working Group on Disaster Risk Financing and Insurance (DRFI).

The signing ceremony was held on Friday in Yokohama, Japan presided over by Minoru Kihara, Japanese Deputy Minister of Finance, H.E. Somdy Douangdy, Minister of Finance of Lao PDR, U Kyaw Win, Burmese Minister of Planning and Finance, Victoria Kwakwa, Vice President of World Bank, and Vongsey Vissoth, Cambodian Secretary of State, Ministry of Economy and Finance.

"The MoU on Establishment of Regional Technical Working Group on DRFI plays an active role in helping people who got affected by natural disaster and restore state's finance and economy," stated Vissoth.

"To ensure maximum productivity, feasibility studies need to be carried out to understand the financial situation of each signatory," he added.

He also encouraged the “Regional Technical Working Group” to collaborate closely to produce concrete outcomes of the feasibility studies which will guide the next decision making.

He thanked Japanese colleagues for initiating this MoU and coordinating the negotiation process among all member countries until reaching mutual agreement on this MoU.

He thanked colleagues from Lao PDR, Myanmar, and the World Bank for their good cooperation during the preparation of this MoU.

He expressed sincere appreciation to the Government and People of Japan for their generous contribution to peace making and peacekeeping, as well as for their support and partnership in Cambodia's development.
=FRESH NEWS