The World Bank approved a loan for Mexico to ramp up its national meteorological service in order to better respond to the needs of climate change adaptation across the country's rural and urban areas, by providing effective early warning and weather forecasting systems.
17 May 2012: The World Bank has approved a US$105.26 million loan to strengthen Mexico’s National Meteorological Service, allowing for it to respond to climate change-induced weather events by improving water and disaster risk management.
According to the World Bank, such improvements are part of Mexico’s efforts to adapt to climate change, and will allow vulnerable urban and rural populations, including small-scale farmers, to benefit from early warning systems. The Mexican Government will provide US$66 million in co-financing for the project. The World Bank loan includes a variable interest rate and margin, with a maturity deadline in 2024 and a 12-year grace period. [World Bank Press Release]