The Africa Climate Risk Insurance Facility for Adaptation (#ACRIFA) was launched during the Africa Climate Week.
It will provide insurance solutions to protect countries, businesses, farmers and communities against the effects of climate change such as floods and droughts.
A statement from the African Development Bank said the program will expand the Bank’s insurance capacity, to about $1 billion, in grants and concessional financing.
African Development Bank Group President, Dr Akinwumi Adesina, said “extreme weather patterns negatively impact the livelihoods of many millions of farmers in Africa, the majority of those being women. One way we can tackle this issue is to be sure that farmers have access to crop and livestock insurance. ”
Adesina also said ACRIFA will engage with insurers across the continent to develop accessible products and efficiently channel risks through regional and global reinsurers.