African Development Bank's Africa Disaster Risk Financing Program receives $2.5 million pledge from United States.

ENPNewswire-November 11, 2021--African Development Bank's Africa Disaster Risk Financing Program receives $2.5 million pledge from United States

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Release date- 10112021 - The United States Agency for International Development and the U.S. State Department pledged financial support to African Development Bank's Africa Disaster Risk Financing Program, at a COP26 side event promoting disaster and climate risk financing in Africa.

The Africa Disaster Risk Financing Program, in collaboration with African Risk Capacity Group, promotes disaster response mechanisms, whereas the Bank supports its regional member countries to cover their insurance premiums and plan for climate disasters.

During the event held on Tuesday, panelist Ann Vaughan, Senior Advisor for Climate Change with USAID's Bureau for Resilience and Food Security, reiterated the US government's earlier announcement to contribute $2.5 million, for one year, to the Africa Disaster Risk Financing Program, also known as ADRiFi.

'We think ADRiFi offers a way to make premium subsidies sustainable and enables access to subsidy and sustainable and concessional funding through [African Development Bank] to help countries move to proactive risk management. We are real excited to become a donor,' said Vaughan.

USAID is the latest international donor to collaborate with ADRiFi, which enjoys financial support from the UK's Foreign, Commonwealth & Development Office and the Swiss Agency for Development and Cooperation, among others.

During the session, organized by the Bank and African Risk Capacity Group, Senior Advisor to United Nations Development Program Jan Kellet announced that his organization's new Insurance and Risk Finance Facility is working with the Bank to institutionalize disaster risk financing, to bring in the private sector, as well as enable comprehensive disaster risk financing strategies in countries with ADRiFi programs.

'If we don't actually deliver on the ambition of something like ADRiFi and work with countries to increase their work in financing disaster risk...we will fail to improve the lives of millions across the continent,' Kellet said.

In addition to providing African countries with assistance paying risk premiums, ADRiFi enhances the management of natural disaster risk by strengthening national capacities.

Moderator for the event and ADRiFi program coordinator Cecil Nartey explained that financing for premium...

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