Climate change is one of the most significant challenges facing Africa today, with severe implications for the continent's food security, livelihoods, and economic growth.
According to the World Meteorological Organization, more than 1,695 climate hazard-related disasters in Africa were recorded in the last 50 years, responsible for more than 731,747 deaths and causing close to an estimated $40 billion in economic damage. Recent cyclones Idai, Kenneth, Batsirai and Freddy in southern Africa, and the Horn of Africa's most prolonged and severe drought in recent history from 2020 to 2022, affected at least 36.
Building on the success of the Programme, the Bank announced our Africa Climate Risk Insurance Facility for Adaptation at the Africa Climate Summit last month. This Facility aims to raise $1 billion in concessional, high-risk capital and grants to stimulate the development and uptake of climate risk insurance. The Facility targets primary insurers and regional re-insurers across Africa to deliver these insurance solutions.
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