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African Development Bank Group (AfDB)
Source: African Development Bank Group (AfDB) |

Multinational: African Development Bank Group approves $34.8 million in grants to build climate resilience in Malawi and Zimbabwe

Climate risk insurance is expected to lead to behavioural changes among beneficiaries, such as increased investment in climate-resilient livelihoods or savings for future insurance premiums

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved grants of $34,796,402.40 to enhance resilience and adaptation to climate disaster risks for vulnerable communities in Malawi and Zimbabwe.  Under the Bank Group’s Africa Disaster Risk Financing (ADRiFi) initiative, the Mitigating Fragility through the Africa Disaster Risk…

African Development Bank Group (AfDB)

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    • Presentation of insurance payout cheque to Malawi President Lazarus McCarthy Chakwera (3rd from left), by representatives of the African Risk Capacity (ARC) Group and the African Development Bank Group, in Lilongwe, on August 2, 2024. Also present are representatives from UNHCR, the UN Refugee Agency
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Source: African Development Bank Group (AfDB) |

African Development Bank Group and African Risk Capacity Group issue $11.2 million insurance payout to the Government of Malawi

The drought recovery insurance payout will support more than 350,000 Malawi households impacted by climate change-related weather extremes

Representatives of the African Risk Capacity (ARC) Group and the African Development Bank (www.AfDB.org) have presented a cheque to the government of Malawi for an insurance payout of $11.2 million, to support the country’s recovery from a devastating drought arising from a weather condition known as El-Nino. The presentation was…

African Development Bank Group (AfDB)

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    • African Development Bank and Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Partner to support financing of ESG Projects in Côte d’Ivoire with EUR 194 million insurance support
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Source: African Development Bank Group (AfDB) |

African Development Bank and Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Partner to support financing of ESG Projects in Côte d’Ivoire with EUR 194 million insurance support

African Development Bank’s partnership with ICIEC is pivotal to scaling up the Bank’s partial credit guarantee scheme to attract the needed financing by Standard Chartered

The African Development Bank Group (www.AfDB.org) and The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group, have signed a strategic risk sharing engagement aimed at fostering sustainable development in Côte d’Ivoire. In this…

African Development Bank Group (AfDB)

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    • Conference of Parties (COP 28): African Development Bank’s $1 billion insurance facility to protect millions of farmers in Africa
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Source: African Development Bank Group (AfDB) |

Conference of Parties (COP 28): African Development Bank’s $1 billion insurance facility to protect millions of farmers in Africa

“Over 97% of farmers in Africa do not have agricultural insurance. Their only insurance is to pray”— Adesina

The African Development Bank Group (www.AfDB.org) has presented its planned $1 billion facility to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. The facility was widely praised by the World Food Programme (WFP), development agencies, insurance companies and the private sector during a…

African Development Bank Group (AfDB)

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    • African Development Bank President Dr. Akinwumi A. Adesina praised the potential of the Africa Climate Risk Insurance Facility for Adaptation at an event during Africa Climate Summit in Nairobi
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Source: African Development Bank Group (AfDB) |

African Development Bank unveils new initiative to cushion farmers from climate change effects

The facility, which will be hosted by the Bank, expands its pioneering Africa Disaster Risk Insurance Program into a facility that will develop insurance to help African countries

The African Development Bank (www.AfDB.org) has unveiled the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA). The initiative is aimed at insulating countries against catastrophic weather-related events. The facility, which will be hosted by the Bank, expands its pioneering Africa Disaster Risk Insurance Program into a facility that will develop…

African Development Bank Group (AfDB)

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    • Mobilising capital for Africa’s prosperity: Second Annual Meeting of Africa Sovereign Investors Forum highlights importance of strategic partnerships
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Source: African Development Bank Group (AfDB) |

Mobilising capital for Africa’s prosperity: Second Annual Meeting of Africa Sovereign Investors Forum highlights importance of strategic partnerships

ASIF was launched in the Moroccan capital Rabat in June 2022 by a group of ten African sovereign wealth funds

African Development Bank (http://www.AfDB.org) Vice President for Private Sector, Infrastructure, and Industrialisation Solomon Quaynor has called for unity to unlock the potential of African sovereign wealth funds, strategic investment funds, pensions, and life insurance assets, estimated at $2.3 trillion. Speaking at the Second Annual Meeting of the Africa Sovereign Investors…

African Development Bank Group (AfDB)

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    • From left: Mamy Razakanaivo, Executive Secretary of the CPGU; World Food Program Madagascar Country Director Pasqualina Di Sirio; Madagascar Minister of Agriculture and Livestock Harifidy Ramilison; UK Ambassador to Madagascar David Ashley; AfDB Madagascar Country Manager Ada Amoumoun; UN Assistant Secretary General and ARC Group Director General Ibrahima Cheikh Diong; ARC Ltd Head of Government Services for East and Southern Africa Koffi Konin; Madagascar Minister of Economy and Finance Rindra Hasimbelo Rabarinirinarison; AfDB Programme Officer Fatoumata Camara; and General Secretary of the Malagasy Government Indriamanga Rakotoarisoa at the handover ceremony.
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Source: African Development Bank Group (AfDB) |

Madagascar: African Risk Capacity Group-African Development Bank partnership issues $1.5 million insurance pay-out for Tropical Cyclone Freddy recovery efforts

The funds, comprising $1.2 million to the government of Madagascar and $300,000 to the World Food Programme, were paid under the ARC Replica initiative

Representatives of the African Risk Capacity (ARC) Group and the African Development Bank (www.AfDB.org) presented two cheques worth $1.5 million in insurance payouts to the Government of Madagascar and the World Food Programme (WFP) to support the country’s recovery from Tropical Cyclone (TC) Freddy. The funds, comprising $1.2 million to…

African Development Bank Group (AfDB)

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    • Co-Financing, Syndications and Client Solutions Team, with AfDB broker Texel at their offices, London (1)
    • Co-Financing, Syndications and Client Solutions Team, with AfDB broker Texel at their offices, London (2)
    • Co-Financing, Syndications and Client Solutions Team, with AfDB broker Texel at their offices, London (3)
    • Co-Financing, Syndications and Client Solutions Team, with AfDB broker Texel at their offices, London (4)
    • Co-Financing, Syndications and Client Solutions Team, with AfDB broker Texel at their offices, London (5)
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Source: African Development Bank Group (AfDB) |

African Development Bank concludes 2023 insurer roadshow to accelerate mobilization of private capital to the continent

The G20 Capital Adequacy Framework Report notes that increased private capital mobilization is critical to achieving the UN Sustainable Development Goals and Agenda 2063

The Co-Financing, Syndications and Client Solutions department of the African Development Bank Group (www.AfDB.org) has met with London-based insurers to galvanize continued support of the Bank’s balance sheet optimization and mobilization ambitions, in line with its 2023 lending program. The Bank held an investor relationship event on 28 February, attended…

African Development Bank Group (AfDB)
Source: African Development Bank Group (AfDB) |

African Development Bank, United Kingdom and London Market Insurers Enter New Risk Transfer Partnership for Climate Action

The Room to Run Sovereign transaction was structured with the intention of scaling up the African Development Bank Group’s commitments to climate finance by up to $2 billion

The African Development Bank (https://www.AfDB.org/), the government of the United Kingdom and three globally recognized insurance companies have closed on a new and innovative risk sharing transaction known as the Room to Run Sovereign.   The Room to Run Sovereign transaction was structured with the intention of scaling up the…

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    • Ahmed Attout, Manager for Capital Markets Development at the African Development Bank (left), Adama Coulibaly, Ivorian Minister of Economy and Finance, and Karim Diarassouba, CEO of the reinsurance company CICA-RE. The African Development Bank signed an investment agreement of roughly €10 million with CICA-RE
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Source: African Development Bank Group (AfDB) |

African Development Bank to invest €10 million in reinsurance firm Conférence Interafricaine des Marchés d'Assurances (CICA-RE)

CICA-Re is the third regional reinsurance company in which the Bank has made an investment

The African Development Bank (www.AfDB.org) has signed an agreement to invest in the Joint Reinsurance Company of Member States of Conférence Interafricaine des Marchés d'Assurances (CICA-Re). Under the agreement, the African Development Bank will take a 6.56-billion FCFA stake (approximately €10 million) in CICA-Re and join its board of directors. Karim Diarassouba,…