Senegal: A step towards the creation of a Pan-African mutual insurance for natural disasters
Officials at the Pan-African Mutual Risk Management (CRA) have gathered during a conference held in Dakar to discuss the implementation of a mutual insurance cover for natural disasters.They agreed on Wednesday (February 27th) that there is a need for the continent to have an instrument to overcome natural disasters and to fight against bad weather, drought and coastal erosion, Sud Quotidien reports.
The "African Risk Capacity" provides a quick and efficient mechanism which will be made available to governments to reduce the response time to natural disasters.
"Climate change is contributing to a lot of natural disasters such as floods, droughts and coastal erosion (and) this carries the heaviest toll on our economies, which are predominantly rural and agricultural.
This is one of the leading causes of food insecurity," said Prime Minister Abdoul Mbaye.
This product is expected to boost the development of agriculture by giving farmers better access to credit, with the insurance acting as a guarantee with banks.