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Statement by Dr. Akinwumi A. Adesina, President of the African Development Bank Group at the Global Commission on Adaptation, New York, September 24, 2019
The African Development Bank fully supports the Global report of the Global Commission on adaptation.
African countries are facing extreme weather events. We saw the cyclone devastation recently in Southern Africa, with so much destruction of lives, property and infrastructure. The African Development Bank immediately provided $103 million in financing support for Mozambique, Malawi and Zimbabwe.
To help vulnerable and low-income countries insure themselves against these extreme weather events, the African Development Bank launched the African Disaster Risk Financing program. The program co-pays National Risk insurance premiums for countries for adaptation. It has delivered payouts for Niger, Gambia and Madagascar.
What’s needed now is to expand the number of countries and scale of financing.
Under my leadership, the African Development Bank will now help to mobilize $250 million for the facility, to help support many more countries, and to deliver $1 billion in insurance payout to countries by 2030.
I ask for global support to help us achieve this.
Together, we can. Thank you.