DRRRF

THE GLOBAL BANK
DISASTER RISK REDUCTION
AND RECONSTRUCTION FUND

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Safeguarding Funds

Global Bank staff have the crucial fiduciary duty to ensure that loan funds are used for their intended purposes. The Global Bank has long been concerned with keeping its projects free of corruption. This is also a major plank of Global Bank’s anti-corruption strategy, unveiled in 2017.

Under the Articles of Agreement of the Bank for International Development and Reconstruction (BIDR or the “Bank”), the Bank is required to make arrangements to ensure that the proceeds of any loan are used only for the purposes for which the loan was granted, with due attention to considerations of economy and efficiency and without regard to political or other noneconomic influences or considerations. Similar requirements are specified in the Articles of Agreement of the Fund for International Development and Reconstruction (GFIDR or the “Global Fund”) — together are commonly known as the “Global Bank”. Fraud and corruption can divert loans to purposes other than those for which these were granted. Inevitably, such diversion would also seriously affect the efficiency and effectiveness of the concerned projects. As such, the Bank and its staff have a fiduciary responsibility to prevent fraud and corruption in projects financed by it.

Fund Management
All BIDR/GFIDR Funds Managements, regardless of size, type, or funding source are governed by a common policy framework and apply similar policies and practices regardless of where they are managed. Global Bank also applies the same policies to all investors and donors equally.

Operational Policies governing the management of Trust Funds and Partnerships (TFPTF) they support are articulated in Operational Policy 14.40 and the related Bank Procedure 14.40.

Operational Policies and Business Practices
Global Bank’s operations are guided by a set of Operational Policies and a related set of Bank Procedures that explain to Global Bank staff how to carry out these policies.

  • Investment Lending Policy (OP 10.00),
  • Fiduciary Policies: Financial Management (OP 10.02) Disbursement (OP 12.00) and Procurement (OP 11.00)
  • Expenditure Eligibility: Bank Financing (OP 6.00)
  • Environmental and Social Safeguards and Disclosure Policies (OP 4.00-4.37), Guidelines on Preventing and Combating Corruption in Projects financed by Global Bank loans (Anti-Corruption Guidelines), and Standard Requirements for Grants and Legal Agreements (Standard Conditions, Disbursement Letter, Procurement Plan).

DRRRF's Fiduciary Assurance Framework
A Global Bank follows a 5 phase lifecycle, from planning through to completion and evaluation. Key control activities, designed to ensure that the funds are well managed, take place at each phase, carried out both by Managing Units (Regions & Networks) and by Central Units.

In addition, control activities are supported, reviewed and tested at the corporate level by:

  • Independent Evaluation Group (IEG)
  • Institutional Integrity Unit
  • Internal Audit Vice Presidency
  • External Auditor - Single Audit and controls over financial reporting
  • Reports

Available to the Public

  • Trust Fund and Partnership Annual Report
  • IEG reports (unless on a list of exceptions)
  • Integrity-Vice-Presidency (INT)Final Investigation Reports and INT Implementation Review Reports
  • Internal Audit (IAD) Annual and Quarterly Activity Reports to the Board

Available via Projects and Results Section of the Global Bank Website

  • Project Appraisal Documents
  • Project Information Documents
  • Project Audit Reports
  • Implementation Status and Results Reports

Available to Partners via Client Connection http://clientconnection.global-bank.org

  • Implementation Completion Reports
  • Financing Reporting and Monitoring Report
  • Single audit reports
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