The African Risk Capacity (ARC) has partnered with the United Nations (UN) Economic Commission for Africa (ECA) to increase insurance coverage against climate risks for African countries.
The multilateral deal was announced at the African Union’s annual summit in Addis Ababa.
It is aimed to build the capacity of ARC and ECA’s 33 common member states by embedding risk management investments into government -planning through policy development.
ARC and ECA will share expertise and commit financial resources to joint analytical work in areas of economic and climate risk research to promote risk transfer Instruments.
This partnership marks a bold new face of heightened collaboration on combating the effects of climate change in Africa.
Climate change is one of the biggest threats to Africa’s economic and social development.