Côte d’Ivoire: AfDB, ARC enhance weather-related risk management in Africa

Abidjan, Côte d’Ivoire (PANA) - The African Risk Capacity (ARC) Agency and the African Development Bank (AfDB) have formally teamed up to strengthen mechanisms to manage weather-related risk on the continent, it was officially announced here Tuesday.

According to a statement issued by the AfDB, this partnership will formalize a technical collaboration to enhance risk management infrastructure and policy across Africa; it will also support African countries in building resilience against climate shocks and in taking ownership of their disaster response.

"In concrete terms, the AfDB and ARC Agency will work together to develop their member states’ capacity in understanding the value of risk transfer tools," said the statement.

ARC and AfDB signed the Memorandum of Understanding (MOU) on the margins of ARC’s Fifth Conference of Parties (CoP5) in Abidjan, Côte d’Ivoire, on 7 March 2017.

Their partnership is intended to result in ARC member countries integrating risk management into their policy and development objectives, with a particular focus on recurrent disasters such as drought, floods and tropical cyclones as well as on improved resilience and speedier recovery after disasters.

The signing of the MOU was subsequent to the Letter of Intent, which was signed between the two institutions in May 2016 during the AfDB’s Annual Meetings in Lusaka, Zambia.

The ARC Agency was established in 2012 as a specialised agency of the African Union (AU) by a Conference of Plenipotentiaries – consisting of 32 African nations – to help AU member States improve their capacities to better plan, prepare and respond to weather-related disasters.

ARC assists AU members to reduce the risk of loss and damage caused by extreme weather events affecting Africa’s populations by providing, through sovereign disaster risk insurance, targeted responses to natural disasters in a more timely, cost-effective, objective and transparent manner.

Signing the MOU on the behalf of the AfDB, Senior Vice President Frannie Léautier stated: “In the context of this MOU, ARC and AfDB will partner to support member States in key areas, which will lay the foundations for a robust approach at the national-level around disaster risk financing.”

On his part, Mohamed Béavogui, United Nations Assistant Secretary-General and Director-General of ARC, viewed the MOU with the AfDB as a key milestone.

“This partnership with AfDB will complement ARC as we will jointly train and prepare countries to better manage weather-related risk and mainstream insurance into their disaster management plans,” Béavogui stated.
-0- PANA AR 7March2017

07 march 2017 16:26:08

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