Chakwera secures billions from AFDB for drought insurance financing
President Lazarus Chakwera has hailed African Development Bank (AfDB) for its unwavering support to Malawi, in mitigating the effects of El nino and other disasters.
President Chakwera made the remarks on Friday at Mzuzu State Lodge when the Bank, through the African Risk Capacity (ARC) Group presented US$11.2 million and US$400,000 Drought Insurance Payouts to the Malawi Government and United Nations High Commission for Refugees (UNHCR) respectively.
The payout seeks to strengthen the resilience of the regional member countries against climate shocks, by promoting proactive climate risk management.
In his remarks, the Malawi leader explained that because of the funds, Malawi will continue to develop, while maintaining the dignity of its citizens including that of refugees.
Chakwera further said that El nino and other cyclones will continue to affect us,”but when you have shock absorbers like this, it becomes easy to manage.”
Speaking earlier, Minister of Finance, Simplex Chithyola Banda said the funds will go a long way towards saving the lives of Malawians, who are reeling from the effects of recent natural disasters.
AfDB Principal Country Economist Albert Mafusire said considering the high levels of exposure of Malawi to climatic hazards, the Bank is committed to continue supporting Malawi to build in-country capacity for mitigating and proactively managing climate hazards.
Kouame Cyr Modeste, United Nations High Commissioner for Refugees (UNHCR) Country Representative expressed hope that the funds will greatly assist all those that were affected by the disasters in Malawi.
ARC Group Board Member and ARC Ltd Board Chairperson Dr Maxwell Mkwezalamba encouraged other agencies to borrow a leaf and assist the millions of Malawians and refugees that are suffering.
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