SHARM EL-SHEIKH: The World Bank will host a new facility that will help countries that suffer heavy economic loss due to climate change-driven disasters, its president David Malpass said on Tuesday.

Malpass announced the new instrument, called the Global Shield Financing Facility, at a meeting with German Chancellor Olaf Scholz, who has spearheaded the effort among G7 members to create a programme to give vulnerable countries access to disaster risk finance and insurance.

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Scholz announced at the UN Climate Change Conference in Egypt on Monday that it will offer 170 million euros for the Global Shield programme.