IN THE FIELD
Union INFORM risk index, Thailand is ranked 9th among countries most at risk of flooding. In 2011, a flood crisis swept the country, impacting 13 million people, killing hundreds and causing damage equivalent to 12.6 percent of GDP. Severe floods in October 2022 resulted in government relief spending of US$663 million. Addressing climate- induced flood and drought vulnerabilities, the project aims to modernize and transform the existing irrigation canals into dual climate-resilient flood mitigation and irrigation assets. The OPEC Fund is already supporting the project with a US$500,000 technical assistance grant to co-finance preparatory activities. The World Bank, ADB and other multilateral lenders have also expressed interest in supporting the project. The OPEC Fund is considering additional co-financing through two US$150 million loans. Thailand has launched a bio-circular-green economy program and the OPEC Fund and ADB are supporting this transition to the self- proclaimed “Thailand 4.0” value-based economy with technical assistance as a potential first step. Mr. Belamine says: “The bio-circular-green economy program is a very ambitious plan, which will bring fundamental changes to all areas of life. Our task now is to translate intentions into impactful investments.”
The mission provided OPEC Fund Country Manager Belamine with the opportunity to meet with government officials and the Asian Development Bank as the aftermath of the 2011 flooding remains a long-term challenge
In 2011, flooding in Thailand affected 13 million people and caused damage equivalent to 12.6 percent of GDP.
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