AfDB unveils Africa Disaster Risks Financing Programme in Madagascar

The Africa Disaster Risks Financing Programme has been launched by the African Development Bank in association with the Government of Madagascar and the African Risk Capacity in Madagascar.

Africa Disaster Risks Financing Programme is intended to boost Madagascar's country's resilience and augment its capacity to manage climate-related disasters. It will also strengthen the country's capacity in the next five years to evaluate disaster risk and provide early warning systems and contingency plans.

The Africa Disaster Risks Financing Programme would also support its participation in the African Risk Capacity sovereign risk transfer mechanism. The African Development Bank has signed a Memorandum of Understanding with ARC to join forces to prepare, develop and implement projects and programmes in climate change and risk resilience in member countries. As a key partner, ARC will assist member countries with policies on drought risk pools and other sovereign disaster risk measures.

Madagascar's geographical location makes it very vulnerable to climate shocks, which in particular cause severe droughts in the south of the country. Over the past 20 years, it has been hit by more than 63 natural disasters, which have badly affected the country's economy.

"Natural disasters exercise considerable pressure on the public finances and on the growth of the country's real GDP. In 2017, the cost of damage caused by natural disasters was estimated at around 4 percent of GDP, that is, some USD 420 million," the Executive Secretary of Madagascar's Emergency Prevention and Management Unit, Général Mamy Nirina Razakanaivo said.

"Through this programme, we will strengthen the capacity of the agencies responsible for the management of disaster risks. This will benefit small farmers and vulnerable populations in the Grand South part of the island. Particular attention will be paid to women and children," Mohamed Chérif, African Development Bank country manager for Madagascar said.

The Bank's portfolio in Madagascar, with a net total commitment of some €333.4 million, covers 16 active operations across three broad sectors: transport (52.6 percent), agriculture (37.5 percent) and governance (8 percent).