African Development Bank Group, has approved grants of $34.8million to build climate resilience in Zimbabwe and Malawi

 

The African Development Bank Group board of directors, has approved the sum of $34,796,402

to ensure adaptation and resilience to climate disaster risks for Vulnerable communities in Zimbabwe and Malawi.

Under the Africa Disaster Risk Financing(ADRIFI) bank group's initiative, the Reducing vulnerability through the Africa Disaster Risk Financing programme in Southern Africa project will strengthen institutional capacity to be prepared for climate risks and management, increase financial protection against climate disaster risks through sovereign climate disaster risk transfer, and also promote adopting index-based crop insurance to alleviate against drought and other production risks from the lowest level.

This two countries, face significant climate hazards, such as tropical cyclones, and flooding, but lack adequate mechanisms for climate risk management and adaptation. Which contributes to their vulnerability. Strengthening disaster risk management, fostering early warning systems, and promoting institutional arrangements which are very crucial for effective readiness and resilience in both Malawi and Zimbabwe.

The project also comes with insurance payouts which will make provisions for timely and adequate financial protection to reduce losses incurred from climate related disasters, safeguarding households, and businesses from falling bankruptcy.

This project is in line with the Bank's 5 priorities, especially Feed Africa and improve the Quality of Life of Africans. It is also in line with the 10-year strategy of the bank (2024-2033) and will add up to the Bank's country strategy for Malawi which concentrates on the target of supporting economic diversification through investments in Value chains, infrastructures, and agriculture.

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