Antigua and Barbuda’s representative to the Loss and Damage Fund, Peter Abraham Jr, has welcomed a decision by the World Bank to act as interim host of a fund geared towards providing financial aid to developing countries affected by the consequences of climate change.

Yesterday, the Bank’s Board of Executive Directors approved the World Bank’s role as interim secretariat host and trustee of a fund for responding to loss and damage caused by climate change.

The World Bank in a press statement said that the “World Bank has worked with urgency to operationalise the fund as a World Bank-hosted financial intermediary fund (FIF) for an interim period of four years” and that the decision represents a “major milestone on the path towards operationalising the fund, in collaboration with the board of the fund for responding to loss and damage”.

Speaking to Observer media, Abraham Jr, who was chosen by the Prime Minister to serve as the country’s representative to the board, said he was happy that the World Bank has accepted the role.

The COP28 presidency on social media also welcomed the move stating that “this was an important step forward in the implementation of commitments made at COP28”.

A final agreement with the fund’s board on the hosting arrangement will now need to be agreed by August.

The Loss and Damage Fund Board first met from April 30 to May 2 this year in the UAE and discussed a number of issues, to include which country will serve as host for the board for which Antigua and Barbuda is one of four contenders.