The African Risk Capacity (ARC) which was established by the African Union has revealed that it gave out $36 to member-nations to curb drought.
This was revealed by the ARC Director-General Mohamed Beavogui who noted that the move has helped to improve livestock development in the countries affected by drought
“Till date, ARC has paid a total of US $36 million to member countries affected by drought which has directly helped 2.1 million people and over 1 million livestock,” Beavogui said.
“Our early intervention helps to save lives and livelihoods with every dollar invested with ARC, saving nearly four and a half dollars spent after a crisis evolves.
“As the international organization leading dialogues for public-private cooperation, the World Economic Forum (WEF) is uniquely positioned to enable ARC to join other key global stakeholders in useful and mutually benefiting dialogue on climate and natural disaster risk financing and management.”
He added that “The ARC model works by linking early warning systems with contingency planning and supported by modern financial mechanisms (specifically insurance).
“This enables governments to provide targeted responses to disasters in a more timely, cost-effective, objective and transparent manner.”