https://en.sputniknews.africa/20241015/african-development-bank-grants-348-mln-to-help-malawi-and-zimbabwe-prepare-for-climate-disasters-1068692206.html
African Development Bank Grants $34.8 Mln to Help Malawi and Zimbabwe Prepare for Climate Disasters
African Development Bank Grants $34.8 Mln to Help Malawi and Zimbabwe Prepare for Climate Disasters
Sputnik Africa
On October 1, the African Development Bank approved a €70 million loan to Morocco's Bank of Africa to enhance trade financing in Africa, comprising a €50... 15.10.2024, Sputnik Africa
2024-10-15T17:13+0200
2024-10-15T17:13+0200
2024-10-15T17:13+0200
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african development bank (afdb)
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The African Development Bank Group has approved grants totaling $34.8 million to help Malawi and Zimbabwe strengthen their ability to handle climate-related disasters.These funds will be used to improve climate risk management, enhance early warning systems, and support the adoption of crop insurance to protect farmers from the effects of drought and other risks. The initiative is part of the Bank's Africa Disaster Risk Financing program and aims to increase financial protection and resilience for vulnerable communities.Malawi and Zimbabwe are particularly vulnerable to climate hazards like droughts, cyclones, and floods, which have worsened economic fragility. Through this project, insurance payouts will provide timely financial support to households and businesses affected by climate disasters, helping them avoid poverty and rebuild, the bank noted.The initiative is aligned with the bank's broader goals to improve the quality of life for Africans, and it builds on previous successes, including a $45 million disbursement during the 2024/2025 drought, which provided vital assistance to farmers.Earlier, Malawi's President Lazarus Chakwera urged the international community to explore options for restructuring or forgiving the debts African countries owe to bilateral and multilateral institutions. He expressed that while African nations are making efforts to manage their financial obligations, debt relief would provide much-needed "breathing space" for the continent.African Development Bank President Akinwumi Adesina has also cautioned that unclear resource-backed loans are stifling Africa's economic progress by complicating debt resolution efforts and threatening future advancements. He pointed out that African countries are currently utilizing an alarming 65% of their GDP on servicing external debts, highlighting the severity of the issue.
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african development bank (afdb), malawi, zimbabwe, southern africa, drought, loan, economy, finance, climate, climate change
african development bank (afdb), malawi, zimbabwe, southern africa, drought, loan, economy, finance, climate, climate change
African Development Bank Grants $34.8 Mln to Help Malawi and Zimbabwe Prepare for Climate Disasters
Christina Glazkova
Writer / Editor
On October 1, the African Development Bank approved a €70 million loan to Morocco's Bank of Africa to enhance trade financing in Africa, comprising a €50 million risk participation deal and a €20 million credit line, anticipated to generate nearly €300 million in trade over 3.5 years.
The African Development Bank Group
has approved grants totaling $34.8 million to help Malawi and Zimbabwe strengthen their ability to handle climate-related disasters.
These funds will be used to improve climate risk management, enhance early warning systems, and support the adoption of crop insurance to protect farmers from the effects of drought and other risks. The initiative is part of the Bank's Africa Disaster Risk Financing program and aims to increase financial protection and resilience for vulnerable communities.
Malawi and
Zimbabwe are particularly vulnerable to climate hazards like droughts, cyclones, and floods, which have worsened economic fragility. Through this project, insurance payouts will provide timely financial support to households and businesses affected by climate disasters, helping them avoid poverty and rebuild, the bank noted.
The initiative is aligned with the bank's broader goals to improve the
quality of life for Africans, and it builds on previous successes, including a $45 million disbursement during the 2024/2025 drought, which provided vital assistance to farmers.
Earlier, Malawi's President
Lazarus Chakwera urged the international community to explore options for restructuring or forgiving the debts African countries owe to bilateral and multilateral institutions. He expressed that while African nations are making efforts to manage their financial obligations, debt relief would provide much-needed "breathing space" for the continent.
African Development Bank President
Akinwumi Adesina has also cautioned that unclear resource-backed loans are stifling Africa's economic progress by complicating debt resolution efforts and threatening future advancements. He pointed out that African countries are currently utilizing an alarming 65% of their GDP on servicing external debts, highlighting the severity of the issue.
