The African Risk Capacity (ARC) has teamed up with the African Development Bank (AfDB) to help African nations strengthen their resilience to weather-related risks.
The ARC and the AfDB will work together to develop their member states’ understanding of the value of risk transfer tools, while enhancing risk management infrastructure and policy, said a statement issued by the two agencies.
A particular focus of the partnership will be “on recurrent disasters such as drought, floods and tropical cyclones as well as on improved resilience and speedier recovery after disasters,” the statement added.
On March 7, ARC and AfDB signed a memorandum of understanding (MOU) to formalize the partnership.
“This partnership with AfDB will complement ARC as we will jointly train and prepare countries to better manage weather-related risk and mainstream insurance into their disaster management plans,” said Mohamed Béavogui, United Nations assistant secretary general and director general of ARC.
The partnership will help member states “lay the foundations for a robust approach at the national level around disaster risk financing,” said Frannie Léautier, senior vice president, AfDB.
About ARC and AfDB
The African Risk Capacity (ARC) was established in 2012 as a specialized agency of the African Union (AU) to help 32 member states improve their capacities to better plan, prepare and respond to weather-related disasters “by providing, through sovereign disaster risk insurance, targeted responses to natural disasters in a more timely, cost-effective, objective and transparent manner.”
The African Development Bank Group (AfDB) was founded in 1964 to contribute to the economic development and social progress of African countries. It comprises three entities: the African Development Bank, the African Development Fund and the Nigeria Trust Fund.
Source: African Risk Capacity (ARC) and African Development Bank (AfDB)
Was this article valuable?
Here are more articles you may enjoy.