WINDHOEK, June 10 — The World Bank will provide technical support on the first-ever envisaged Agri-Index Insurance for Namibia, coordinated by Namibia Financial Institutions Supervisory Authority (NAMFISA), an executive announced Thursday.
The World Bank will advise Namibian Government stakeholders on the design and implementation of an index-based agriculture insurance program targeting small-scale farmers, especially in rural and communal areas.
“The objective of Agri-index Insurance is to benefit small scale farmers in Namibia to mitigate potential losses of agriculture produce due to increased effects of climate change and promote financial inclusion as well as help government reduce the financial burden borne,” NAMFISA’s CEO Kenneth Matomola said in a statement.
According to Matomola, the index will further assist vulnerable small-scale and communal farmers to become resilient to the effects of climate change on crops and livestock by aiding the development of Agri-Index Insurance products and services that are easily accessible and affordable.
Meanwhile, NAMFISA has to date identified relevant key stakeholders and continues to coordinate the efforts in the development of the platform where both private and public sector players come together to discuss and share ideas on the possible solutions to the development and custom design of Agri-Index Insurance products and services. (Xinhua)
