Climate change is particularly threatening to the future of African agriculture; it has an impact on global food security and the economic livelihoods of hundreds of millions of Africans.

For this reason, the African Development Bank and the African Risk Capacity Agency have agreed to work together in the areas of planning, preparation and response to extreme weather events and natural disasters for the benefit of African countries.

The partnership agreement was formalized on Wednesday, May 25 following a session on Climate and Disaster Risk Financing at the AfDB Annual Meetings in Lusaka, Zambia.

This collaboration is in line with the support to African institutions that the AfDB should provide pursuant to its charter, as well as its role in assisting African countries to adapt to the growing hazards of climate change.

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 34 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. www.afdb.org

About the African Risk Capacity Agency (ARC):

The ARC is a mutual insurance company that is African led, the Africa Union integrated solution to tackling the impact of natural disasters on vulnerable people. It uses early warning information, combining this with an insurance mechanism that objectively and rapidly triggers payouts in the event of disasters. ARC transfers the burden of weather risk away from governments, enabling them to build resilience, and better plan, prepare and respond to extreme weather events.

Contacts:

AfDB: Valerie Dabady, Manager, Resource Mobilization and External Finance, v.dabady@afdb.org

ARC: Assia Sidibe, Country Engagement Manager, assia.sidibe@africanriskcapacity.org