Business & Economy - News - November 22, 2021

AFREXIMBANK, AU sign MOU with African Risk Capacity Group to enhance disaster risk financing

PICTURE: DG, African Risk Capacity (ARC) Group, Ibrahima Cheikh Diong, and Executive VP, Finance, Administration and Banking Services, AFREXIMBank, Denys Denya, exchanging copies of the MOU during the Inter-African Trade Fair in Durban

MEDIATRACNET

The African Export-Import Bank (AFREXIMBANK) and African Risk Capacity (ARC) Group have signed a Memorandum of Understanding (MoU) to jointly enhance resilience and disaster risk financing initiatives that also impact the trade and supply chain across Africa.

A joint statement by both organizations announcing the signing of the agreement said the purpose of the MOU is to enable joint member states of the African Union to enhance disaster response and resilience initiatives using available banking and insurance products suited for localized challenges.

The MoU’s primary intervention would be to provide Food Emergency Contingency Financing Facility (FECONTRAF) to joint member countries that participate in African Risk Capacity’s sovereign/macro disaster risk transfer programme, national capacity building, and food security policy development.

President of AFREXIMBANK, Benedict Oramah, said:
“This new partnership with the African Risk Capacity Group will ensure we support member countries to be disaster aware, prepared and solutions-oriented. In collaboration with the ARC, we aim to improve their capacities to better plan and respond to natural and man-made disasters that may hamper trade facilitation across the continent and make available the needed support to combat disasters when they strike.”

United Nations Assistant Secretary-General (ASG) and Group Director General of the African Risk Capacity (ARC) Group, Ibrahima Cheikh Diong, said:
“The alignment of purpose between our two institutions for a food-secure and climate-resilient Africa is fundamental to this partnership. Through the provision of holistic solutions, we will lessen the negative impacts of natural disasters on lives and livelihoods. Therefore, our collaboration will help strengthen countries’ response systems by promoting the availability, accessibility, and affordability of critical resources for anticipatory climate action.”

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