Memorandum of Understanding Institutions

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Signing of the Letter of Intent between ARC and AfDB

Through the letter of intent, the AfDb and the ARC affirmed their intention to collaborate in the area of planning, preparation and response to extreme weather events and natural disasters, for the benefit of the Regional Member Countries of the AfDB (RMCs). This collaboration is in line with the support to African institutions that the AfDB should provide pursuant to its charter, as well as its role in assisting Regional Member Countries (RMCs) to adapt to the growing hazards of climate change.  RMCs are particularly vulnerable to climate change and require assistance to deal with its effects, which can be catastrophic to the economic growth of RMCs.

Such collaboration is expected to play a pivotal role in protecting investments for economic growth especially in the key area of agriculture, and special emphasis will be placed on countries in transition. In addition, the expected collaboration will also strengthen ARC’s capacity to deliver on its own mandate.

The signing took place on 25th May 2016.

Signing of Memorandum of Understanding between ARC and CIMA

An MOU was signed between ARC and Conférence Inter-Africaine des Marchés d’Assurance (CIMA) and with the latter being represented by its Secretary General, Mr Issofa Ncharé. The details of the area of collaboration are identified below:

  • Training of officials and technicians from member states on index-based insurance products for sovereigns;
  • Establishment of common structures such as working groups to study and implement strategies related to weather-index based risk coverage;
  • Capacity building from Directorate of Insurance (DNA) technicians of ARC pool 1 and 2 countries to the benefit of prospective ARC members;
  • Sharing of information and activities conducted between the DNA and the ARC;
  • Promotion of weather-index based insurance products for access to traditional insurers, including option to license Africa RiskView to private insurers in the region.

CIMA is the regulatory and insurance body for 14 Francophone African states, and the signing is a major step towards collaboration with government entities and private insurance companies in West and Central Africa.

The signing took place on 25th May 2016.

Exchange of Letters between the African Risk Capacity Agency (the ARC Agency) and the Deutsche Gesellschaft Fur Internationale  Zusammenarbeit (GIZ) GMBH on the Joint-Cooperation between the ARC Agency and GIZ to support Ghanaian Partner Organizations in the Accession to the African Risk Capacity (ARC)

The African Risk Capacity Agency (the ARC Agency) and the Deutsche Gesellschaft Fur Internationale Zusammenarbeit (GIZ) GMBH entered into a general framework for joint-cooperation to support the common goal of providing tools for sovereign risk management to the Government of Ghana to improve its capacity to manage weather risks and adapt to climate change.

The Exchange of Letters between both institutions was finalised on 25th February 2016