The World Bank will provide technical support to the first-ever Agri-Index insurance envisaged for Namibia, coordinated by the Namibia Financial Institutions Supervisory Authority (NAMFISA), an official announced on Thursday.
The World Bank will advise Namibian government stakeholders on the design and implementation of an index-based agricultural insurance program targeting smallholder farmers, particularly in rural and communal areas.
“The objective of Agri-index insurance is to benefit smallholder farmers in Namibia to mitigate potential losses of agricultural produce due to the increased effects of climate change and to promote financial inclusion as well as assist the government reduce the financial burden borne,” said NAMFISA CEO Kenneth Matomola. said in a statement.
According to Matomola, the index will further help vulnerable smallholders and communal farmers to become resilient to the effects of climate change on crops and livestock by assisting in the development of easily accessible and affordable Agri-Index insurance products and services.
Meanwhile, NAMFISA has to date identified key stakeholders involved and continues to coordinate efforts in developing the platform where private and public sector actors come together to discuss and share ideas on possible solutions to the development and custom design of Agri-Index. Insurance products and services. Final article