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GHANA : IFC offers insurance package for African farmers to face weather risks.

International Finance Corporation (IFC) will provide an insurance package to farmers in Africa to protect them from natural disasters and weather-related risks. According to IFC, it will help bring affordable, index-based insurance protection to developing countries and emerging markets, where uninsured farmers and herders often struggle to recover from storms, floods or droughts, through its Global Index Insurance Facility (GIIF).

IFC said, IFC has conferred millions of dollars in performance-based grants and contracts to help extend weather insurance to tens of thousands of farmers in Africa, protecting them from natural disasters and weather-related risks that can destroy their livelihoods at a stroke.

It added that insurance will pay out if the index is triggered, irrespective of the actual loss. IFC wants to expand the GIIF into countries such as Ghana, Tanzania, Zambia, and other countries in Africa, it said.

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Publication:Mena Report
Geographic Code:60AFR
Date:Jul 19, 2011
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