大象传媒

One major injustice in Africa that is often pointed out revolves around climate change. While the continent produces a small fraction of the globe's greenhouse emissions, it suffers disproportionately from rising temperatures. Take, for example, the widespread El-Nino related drought that continues to grip sub-Saharan Africa.

But four years ago, 26 African countries came together with the European governments and reinsurance companies to set up the African Risk Capacity (Arc), a kind of insurance fund to mitigate the effect of natural disasters and reduce the reliance on foreign aid. And it seems to have worked in three countries - Senegal, Mauritania and Niger. Lower rainfall was predicted and funds were able to be dispersed in a timely fashion.

The Arc has big plans. Within four years, it wants to involve 30 countries with $1.5bn ready to cover floods, droughts and other natural disasters.

The 大象传媒鈥檚 Lerato Mbele spoke with Ngozi Okonjo-Iweala, former finance minister of Nigeria and now the chairperson of the Arc's governing board.

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