Representatives from the Kingdom of the Netherlands and the African Development Bank Group (www.AfDB.org) this week discussed further details of the Dutch government’s recent $27 million financial commitment to the Africa Disaster Risk Financing Program Multi-Donor Trust Fund.
With this commitment, signed earlier this month, the Netherlands becomes the sixth contributor to the Fund, operated by the Bank Group to boost Africa’s resilience and responsiveness to climate shocks.
The Africa Disaster Risk Financing Program (ADRiFI) Multi-Donor Trust Fund bolsters drought insurance protection for African countries to mitigate the negative impacts of climate-related extremes such as cyclones, flooding and drought. Working in collaboration with the African Risk Capacity Ltd., the funds will support the Bank’s promotion of parametric insurance and other climate risk management instruments in Africa.
During discussions on the sideline of the Bank’s Annual Meetings in Nairobi, Kenya, Mark Zellenrath, Director for Multilateral Institutions and Human Rights at the Dutch Ministry of Foreign Affairs, and Bank Vice President Dr. Beth Dunford welcomed the new partnership.
“This Dutch government commitment to the Trust Fund will help bring additional protection to millions of the continent’s most vulnerable people threatened by climate disaster,” said Dunford, responsible for agriculture, human and social development at the Bank.
Mark Zellenrath said: “The Kingdom of the Netherlands is proud of becoming a new donor to the Africa Disaster Risk Financing Programme and providing additional funding to reduce the protection gap in Africa and make parametric insurance solutions accessible to those at the frontlines of climate change across the African continent.”
The Bank has invested more than $100 million and supported 16 African countries to access sovereign insurance and financial protection against climate hazards.
Since its establishment in 2019, the ADRiFi program has provided financial protection against severe droughts and tropical cyclones to more than six million people, significantly bolstering resilience in vulnerable communities.
Apart from the Netherlands, other donors to the ADRiFi Multi-Donor Trust Fund are the United Kingdom, Switzerland, the United States, Canada, and Norway.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media Contact:
Alphonso Van Marsh
Principal Digital Content and Events Officer
email: media@afdb.org
About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 37 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org
Source: Apo-Opa
Did you find this information helpful? If you did, consider donating.