What are we funding?
GRANT AMOUNT | ENDORSEMENT DATE | ACTIVITIES | INSTRUMENTS SUPPORTED | WB PROJECT |
US$23 million | October 26, 2020 | Development of a parametric insurance product that covers extreme weather events and that operates in parallel to contingent financing currently available through the National Agriculture Development Program. Strengthen institutional capacity to manage DRF. |
| National Agriculture Development Program for the Democratic Republic of Congo (P169021) US$440 M (approved on June 25, 2021) |
- Extreme weather and conflict continue to threaten food securit in the Democratic Republic of Congo. To address this situation, the World Bank has lent the country US$280 million for a multi-phase project under the National Agriculture Development Program (NADP).
- In FY25, with a US$23 million GSFF grant, the Democratic Republic of Congo is expected to launch its first meso-level parametric insurance product, which will provide up to US$60 million in coverage over three years for an estimated 300,000 farmers transitioning to climate-smart agricultural practices. Grant funding covers farmers’ insurance premiums for three years.
- Technical assistance provided through the grant has supported the drafting of necessary regulations and helped grow the nascent domestic insurance market by building stronger connections between government agencies and local insurers.