The European Investment Bank (EIB), through its development arm EIB Global, is issuing a grant of up to €4 million to the United Nations World Food Programme (WFP), which will be used to support the development and rollout of parametric insurance products to protect smallholder farmers in Ethiopia.
According to the announcement, roughly 210,000 smallholder farmers are expected to be covered by adapted microinsurance products against crop and livestock losses linked to adverse weather conditions or natural disasters.
WFP will use its extensive expertise in rural finance and climate-resilience programming in Ethiopia to develop and pilot this index-based microinsurance (parametric) scheme in partnership with a number of private insurance companies.
FULL ORIGINAL PUBLICATION HERE