The African Export-Import Bank (AFREXIMBANK) and African Risk Capacity (ARC) Group today signed a Memorandum of Understanding (MoU), which will see both firms working together to improve resilience and disaster risk financing initiatives that also affect the trade and supply chain across the continent.
The core goal of this MOU is to allow participating member states to scale up disaster response and resiliency initiatives, using the banking and insurance offerings that are available and specifically tailored to help curb localized challenges.
The MoU’s leading initiative is to offer Food Emergency Contingent Financing Facility (FECONTRAF) to joint member countries that take part in African Risk Capacity’s sovereign/macro disaster risk transfer program, national capacity building, and food security policy development.
“This new partnership with the African Risk Capacity Group will ensure we support member countries to be disaster aware, prepared, and solutions-oriented,” Prof. Benedict Oramah, President of Afreximbank.
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