The World Bank’s Board of Directors approved loans of US$5 million for FYR Macedonia, and US$5 million for the Republic of Serbia as part of the regional South East Europe and Caucasus Regional Catastrophe Risk Insurance Facility Project (SEEC CRIF). The loans will finance countries’ membership contributions to Europa Re. FYR Macedonia and Serbia are particularly at risk to natural disasters.Data from the last 20 years reveals a steadily rising trend of natural disaster incidence, flood severity, and flood intensity. The countries are doubly impacted because, while flooding has shown a rising trend; the effects of climate change have also been seen in increased incidence of droughts in both countries. For more information on the approval of the loans, read this news brief.