The International Finance Corporation (IFC), a part of the World Bank, recently announced it would be providing $4.1 million in grants to three organisations as part of its Global Index Insurance Facility (GIIF).
The grants have been distributed as follows:
The Syngenta Foundation will receive up to $2.4 million for Sustainable Agriculture, which expects to help insure 20,000 farmers in Kenya over the next three years.
IFC will also confer a grant of up to $1.6 million on MicroEnsure, which expects to insure 15,000 farmers in Rwanda over the next three years.
Lastly, $154,000 will be granted to the International Livestock Research Institute, which expects to help insure 5,000 livestock herders in northern Kenya over the next two years.
This is good news and shows increasing interest in driving weather indexed micro insurance to scale – in this case, targeting a total of 40,000 farmers and their families.
RESULTS UK applauds the grants GIIF has made and looks forward to seeing positive results that can be shared with other organisations working in this field, driving the creation of best practices and the deployment of Weather Indexed Insurance across the developing world.
You can read the full press release on MicroEnsure’s website.