Infrastructure Resilience Accelerator Fund (IRAF)

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Overview:

The Coalition for Disaster Resilient Infrastructure (CDRI) recently announced setting up the Infrastructure Resilience Accelerator Fund (IRAF).

About Infrastructure Resilience Accelerator Fund (IRAF):

  • It is a multi-donor trust fund, established with the support of the United Nations Development Programme (UNDP) and United Nations Office for Disaster Risk Reduction (UNDRR).
  • It will be managed by the United Nations Multi-Partner Trust Fund Office (UN MPTFO) to support global action on disaster resilience of infrastructure systems, especially in developing countries and Small Island Developing States (SIDS).
  • Around $50 million in financial commitments have already been announced for IRAF over an initial duration of five years.
  • IRAF will play a crucial role in equipping the Coalition to deliver improved infrastructure governance, inclusive infrastructure services, diversified knowledge, and financing for resilient infrastructure globally.
  • One of the first initiatives to be supported by the IRAF is the Infrastructure for the Resilient Island States (IRIS).
  • Supported by the Governments of India, the United Kingdom, Australia, and the European Union, IRAF’s multi-pronged program focus will offer customised technical assistance, capacity building, research, knowledge management, and advocacy across the infrastructure life cycle for countries at all stages of development.

Coalition for Disaster Resilient Infrastructure (CDRI):

  • CDRI was launched by the Prime Minister of India, Narendra Modi at the UN Climate Action Summit in New York in 2019.
  • It is a partnership of national governments, UN agencies and programmes, multilateral development banks and financing mechanisms, the private sector, and knowledge institutions.
  • It aims to promote the resilience of new and existing infrastructure systems to climate and disaster risks in support of sustainable development.
  • CDRI promotes rapid development of resilient infrastructure to respond to the Sustainable Development Goals’ imperatives of expanding universal access to basic services, enabling prosperity and decent work.

Source : Times of India