The African Development Bank Group has unveiled its proposed $1 billion initiative aimed at offering insurance coverage to over 40 million farmers across Africa, protecting them from the severe impacts of climate change.
According to an AfDB statement, the facility received extensive acclaim from the World Food Programme (WFP), development agencies, insurance companies, and the private sector at a side event held during COP28 in Dubai.
Akinwumi Adesina, President of the African Development Bank, announced that the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) is designed to mobilize $1 billion in concessional financing, high-risk capital, and grants to bolster the African insurance industry in addressing climate-related risks and adaptation efforts.
This aligns with AfDB’s $25 billion food security goal of achieving a $25 billion food security target, having already produced $12 billion worth of food. AfDB aims to eliminate food insecurity in Africa within five years.
Source: Business Insider
