Luanda — Angola and the International Finance Corporation (IFC) - the World Bank arm - Thursday signed a partnership agreement which provide for introduction of agricultural insurance and protect farmers from damage caused by weather conditions and other shocks.

The Deal was signed by Angolan Finance Minister Vera Daves and IFC deputy president Sérgio Pimenta, who has been in the country for a two-day visit.

The signing of the agreement comes at a time when the country has no insurance products specifically designed to protect small farmers.

The project is based on the experience of the Global Index Insurance Facility (GIIF), through which the IFC has supported the growth of the agricultural/climate insurance market in the countries such as Cameroon, Cote d'Ivoire, Mozambique, Nigeria, Madagascar, Zimbabwe, Senegal, Zambia, among others.

In the case of Angola, IFC will work with the Angolan Agency for Insurance Regulation and Supervision (ARSEG) to help Angolan insurance companies develop insurance products in the market that can meet the specific needs of different categories of Angolan farmers.

In Angola, agriculture is a significant contributor to the economy, accounting for 10 per cent of GDP, a figure still considered low in view of the arable land and climatic conditions. NE/DAN/NIC