Ver Angola

Banking and Insurance

Government and IFC sign agreement to implement agricultural insurance and protect farmers

A cooperation agreement for the implementation of agricultural insurance was signed this Thursday between the Government and the International Finance Corporation (IFC).

: Facebook do Ministério das Finanças de Angola
Facebook do Ministério das Finanças de Angola  

The document – whose signatories were the Minister of Finance, Vera Daves, and the vice-president of the IFC for Africa, Sérgio Pimenta – in addition to aiming at the implementation of agricultural insurance, also intends to provide protection to farmers in relation to damage caused by weather conditions.

Speaking on the occasion, according to a note from the Ministry of Finance to which VerAngola had access, the Minister of Finance stressed that "this agreement will not solve all the problems related to insurance for agribusiness entrepreneurs, however it will serve to improve substantial and will be an important starting point for a paradigm shift regarding this insurance that is so sensitive for national insurers".

Vera Daves also said, quoted by Rádio Nacional de Angola (RNA), that "it will also make it possible to develop the capacity of the insurance market to apply climate risk analysis in prioritizing the agricultural value chain, to apply satellite-based data in the development of insurance and manage base risk".

In turn, Sérgio Pimenta said that they will work with the Angolan Insurance Regulation and Supervision Agency (ARSEG), in order for the agency to be able to "evaluate the possibility of establishing reinsurance mechanisms that create incentives for insurance companies to make products available related to climate risk in the market".

"In this program we will use our global expertise so that ARSEG can evaluate the possibility of establishing reinsurance mechanisms that create incentives for insurance companies to make products related to climate risk available in the market. farmers for such products, expanding commercial and family farming activities and also improving farmers' livelihoods by unlocking access to finance, as banks use insurance to mitigate challenges induced by climate risks", he said, quoted by RNA.

Hélder Serrão, from ARSEG, quoted by RNA, said it was "a know-how that is not abundant in Angola and it is this know-how that comes with the IFC and is a technical assistance protocol that is actually a partnership and that there is no cost for ARSEG in relation to IFC and vice versa".

In addition, according to the statement from the Ministry of Finance, it was also initialed "by the director of Sonangol, Olga Sabalo, the unanimous decision of Unitel's shareholders to hire IFC for technical support in the definition and implementation of Unitel's reprivatization strategy ".


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