Oct 28 , 2023
A treaty to enable preparation, planning and response to extreme weather events and natural disasters was signed with the African Union Agency and African Risk Capacity Insurance (ARC). The ceremony was attended by State Minister for Finance Semereta Sewasew and AU representative Mohamed Salem Boukhari along with officials of the Agricultural Transformation Institue (ATI) at the halls of the Ministry of Foreign Affairs. ARC specialises in enabling countries to enhance their disaster risk management system to prevent damage to food security in vulnerable populations. It is expected to provide Ethiopia with predictable and rapid financing for early response to cope with emergency disaster events caused by floods. Over 110 million people in the continent were affected by climate and related issues in 2022. It has caused more than 8.5 billion dollars in economic damages. Mesganu Arega, State Minister for Foreign Affairs, hopes for further partnerships with the Insurance to respond to national emergencies requiring immediate involvement and financial intervention. Since its inception in 2012, ARC has provided coverage worth 660 million dollars to insure 72 million vulnerable people in member states and paid out 65 million dollars in claims.
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