The Government of Zimbabwe has received an insurance payout of $16.8 million from the African Risk Capacity (ARC) Group’s disaster financing program.
This timely assistance comes as the country is grappling with severe food insecurity due to a prolonged drought caused by El Niño conditions.
According to Africa RiskView, a software program that provides early warning and monitoring, over 4.7 million people were affected by the drought, triggering the payout. The fund will be used to support recovery efforts and provide aid to the most affected populations.
Through the Replica program, humanitarian organizations such as the United Nations World Food Programme (WFP) and Start Network also received payouts of $6.1 million and $8.9 million, respectively.
These funds will complement in-country recovery efforts and help communities and governments respond to and recover from climate-related shocks.
Finance Minister Hon. Prof. Mthuli Ncube praised the collaboration between the government and ARC Group, saying, “This payout ceremony marks a monumental occasion in our joint efforts to mitigate the adverse impacts of climate change and solidify our nation’s resilience to this threat.”
The payout will specifically help 509,000 vulnerable households in 27 districts.
The ARC Group’s insurance affiliate, ARC Ltd., made the payouts to provide predictable finance for response to disaster events.
The Chairperson of ARC Group, Dr. Anthony Mothae Maruping, commended the Government of Zimbabwe for collaborating with ARC Group to mitigate the impacts of drought, stating, “Today, we gather to showcase ARC’s interventions to this historic and unprecedented drought in the history of the country.”
The payout will support the government’s efforts to recover from a failed agricultural season and provide critical aid to those affected by the drought.
SOURCE : NEWSREPORTZIM.COM
