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IFC Vice President for Africa: Insights from the Africa Financial Industry Summit - AFIS 2023
Sergio Pimenta, Vice President for Africa, IFC, attended the Africa Financial Industry Summit (AFIS) in Togo, where over 1000 stakeholders and financial policy experts gathered to discuss strengthening Africa's financial sector for social and economic development. Pimenta highlighted three key takeaways from the summit: Firstly, the importance of economic integration in Africa, particularly through the African Continental Free Trade Area, to enhance trade, efficiency, and reduce business costs. Secondly, the need to strengthen Africa's economic foundations by creating a transparent regulatory
Germany pledges 4 billion euros for African green energy by 2030 at the Compact with Africa Conference
The government of Germany has announced an investment of 4 billion euros in green energy in Africa until 2030. This commitment was made during the Compact with Africa conference, which was attended by African leaders and representatives of international organizations. The initiative, launched by Germany in 2017, aims to improve conditions for private sector investment and sustainable infrastructure in Africa, with 13 African countries already participating. German Chancellor Olaf Scholz emphasized the importance of strengthening cooperation between Africa and Europe to achieve climate-friendly
2023 in Review: Protecting 70 million farmers against Climate Change
By Fatou Assah, IFC Financial Institutions Group, Global Head As we embark on a new year, it's an opportune moment to reflect on GIIF journey through 2023, a year marked by significant achievements, innovative advancements, and a consistent commitment to enhancing climate resilience and financial inclusion for smallholder farmers, MSMEs, and cooperatives active in the agriculture sector through support of innovative solutions to the insurance industry. The year 2023 marked a significant milestone for GIIF, as we exceeded our initial targets and facilitated the issuance of over 14 million
IFC-DRC Innovative Female Challenge Winner Secures Second Victory at COP28
Eight dynamic African young women-led enterprises have been awarded a total of $800,000 at COP28 for their innovative climate change adaptation solutions. The winners emerged from the 2023 YouthAdapt Challenge, jointly organized by the African Development Bank Group and the Global Center on Adaptation, with support from the Africa Climate Change Fund. Each winning business will receive grant funding of up to $100,000 along with comprehensive mentorship and coaching as part of a 12-month accelerator program. Among the distinguished winners is Deborah Nzarubara , the representative of GRECOM , a
Pula raises $20M Series B to provide agricultural insurance to farmers in Africa, Asia and LatAm
The PULA deal is crucial for IFC as it addresses the significant challenge of low agricultural insurance penetration across Africa, essential for food security. Limited field presence of insurers impede accurate risk assessment. PULA's operations and expansion plans offer a broad coverage, particularly benefiting small-holder farmers who are underserved by existing insurance arrangements. By training local agents and automating processes, PULA enhances operational scalability, vital for reaching more farmers effectively and building their trust. This aligns with the Finance Investement Group
Financing Climate Resilience for Malawi’s Smallholder Farmers
In the wake of Cyclone Freddy's devastating impact on Malawi's smallholder farmers, the story of Jeya Nsinda stands as a testament to resilience and hope. Cyclone Freddy swept away not just crops but also the livelihoods of countless farmers, leaving them grappling with food shortages and financial struggles. Amidst this adversity, One Acre Fund, in collaboration with IFC, is making a significant difference by providing climate insurance to smallholder farmers in sub-Saharan Africa, offering a lifeline to those who depend on the land for their income. This partnership is not just about
Implementation Update: Kenya – the road to a country strategy for inclusive insurance
Last month, the Insurance Development Forum's Inclusive Insurance Working Group (IIWG) partnered with international organizations, local regulators, and insurance businesses to initiate a groundbreaking project in Kenya. Supported by key entities such as the United Nations Development Programme's Insurance and Risk Financing Facility, the World Bank Group's Global Index Insurance Facility, and the Microinsurance Network, the IIWG's goal is to foster inclusivity, innovation, and sustainable growth in Kenya's insurance sector. The inaugural Kenya Country Workshop, held on September 28 and 29
Emata's Management Team
The Ugandan fintech startup Emata has successfully secured $2.4 million in seed funding, earmarked for the expansion of its digital agricultural loan services across East Africa, with a primary focus on Uganda and potential growth into Tanzania. Emata specializes in providing automated loans to smallholder farmers, effectively addressing the significant agricultural financing gap within the region by offering loans at rates five times more affordable than informal lending alternatives. The company has developed a digital platform that streamlines the lending process and is deeply integrated
Making climate risk insurance more accessible for farmers in Africa
Climate change poses a severe threat to small-scale farmers in Africa, whose livelihoods depend on weather conditions. Devastating effects like droughts and pest-related crop losses underscore the pressing need to safeguard Africa's agriculture and agribusiness sectors. Expanding climate risk insurance offers a solution by providing farmers with compensation based on transparent parameters, offering financial protection, and promoting sustainable farming practices. While most African countries have a minimal climate insurance penetration rate, the Africa Inclusive Insurance Program launched by
Towards a global resilient recovery: Reflections on 2022
In 2022, despite the ongoing struggles of the COVID-19 pandemic, the GIIF Program successfully delivered significant results and continued building a strong pipeline to strengthen its ties with clients, other WBG projects and the donor community. All activities, projects, events, trainings, studies focus on further developing the markets. Since the launch of GIIF, more than 13 million agriculture insurance policies have been issued cumulatively, with an estimated outreach of 65 million beneficiaries globally. In these difficult conditions, as the GIIF team we would like to emphasize that we