AfDB launches Africa Disaster Risk Financing Programme
The African Development Bank, in partnership with the Government of Madagascar and the African Risk Capacity (ARC), has launched the Africa Disaster Risks Financing Programme (ADRiFi) in Madagascar.
ADRiFi is intended to strengthen Madagascar’s country’s resilience and increase its capacity to manage climate-related disasters. Over the next five years it will also strengthen the country’s capacity to evaluate disaster risk and provide early warning systems and contingency plans.
It would also support its participation in the African Risk Capacity sovereign risk transfer mechanism. The Bank has signed a Memorandum of Understanding with ARC to join forces to prepare, develop and implement projects and programmes in climate change and risk resilience in member countries. As a key partner, ARC will assist member countries with policies on drought risk pools and other sovereign disaster risk measures.
Madagascar’s geographical location makes it very vulnerable to climate shocks, which in particular cause severe droughts in the south of the country. Over the past 20 years, it has been hit by more than 63 natural disasters, which have badly affected the country’s economy.
“Natural disasters exercise considerable pressure on the public finances and on the growth of the country’s real GDP. In 2017, the cost of damage caused by natural disasters was estimated at around 4% of GDP, that is, some $420 million,” GénéralMamyNirinaRazakanaivo, Executive Secretary of Madagascar’s Emergency Prevention and Management Unit said.
More than 13 million people, or close to one third of the country’s population, have been affected by these disasters, usually among the most vulnerable groups. The Bank is working to fight fragility and build resilience, thus contributing to strengthening the country’s institutional capacity in order to promote better economic, social and political management.
“Through this programme, we will strengthen the capacity of the agencies responsible for the management of disaster risks. This will benefit small farmers and vulnerable populations in the Grand South part of the island. Particular attention will be paid to women and children,” said Mohamed Chérif, African Development Bank country manager for Madagascar.
The Bank’s portfolio in Madagascar, with a net total commitment of some €333.4 million, covers 16 active operations across three broad sectors: transport (52.6%), agriculture (37.5%) and governance (8%).-Press release