A four-member delegation from the World Bank is in Namibia to provide technical support on the envisaged Agri-Index Insurance for Namibia being coordinated by the Namibia Financial Institutions Supervisory Authority (NAMFISA).
The World Bank delegation is made up of Qhelile Ndlovu, a Disaster Risk Finance Specialist; Andrea Stoppa, an Agriculture Insurance Specialist; Chris Hoveka, Country Engagement Coordinator and led by Ajai Nair, a Senior Financial Sector Specialist.
According to NAMFISA, the objective of the World Bank mission is to advise Namibian Government stakeholders on the design and implementation of an index-based agriculture insurance program targeting small-scale farmers, especially in rural and communal areas.
“The objective of Agri-index Insurance is to benefit small scale farmers in Namibia to mitigate potential losses of agriculture produce due to increased effects of climate change and promote financial inclusion as well as help the government reduce the financial burden borne. It will assist vulnerable small-scale and communal farmers to become resilient to the effects of climate change on crops and livestock by aiding the development of Agri-Index Insurance products and services that are easily accessible and affordable,” NAMFISA CEO Kenneth Matomola said.
The non-banking sector regulator said it has to date identified relevant key stakeholders and continues to coordinate efforts in the development of the platform, where both private and public sector players come together to discuss and share ideas on the possible solutions towards the development and custom design of Agri-Index Insurance products and services.
“The Authority that has been creating awareness on the envisaged Agri-Index Insurance, has advised the Ministry of Finance and related key ministries on the role they can play in supporting and facilitating the drive towards national agriculture policy change and implementation.”
