PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

578667

Primary Business Area

Access To Finance

Disclosure Date

Feb 22, 2011

Country

Kenya

Region

Africa

IFC Approval Date

Sep 20, 2010

Status

Completed

Estimated Total Budget

$2,432,509.00
(Project budget includes all project-funded activities)

Last Updated Date

Nov 30, 2016

Project Estimated Start Date

Jul 15, 2010

Project Description

The project provides assistance to UAP Insurance Kenya and Syngenta AG, a global Swiss agribusiness company. UAP and Syngenta have formed a consortium to oversee an agricultural index insurance initiative, and the project assists them in developing index insurance as a commercially viable product. The objectives are: 1) to develop solutions that enable the scaling up of index insurance, such as a lean and dense distribution network, an efficient administration platform based on mobile technologies, indexes that can be developed without extensive historic weather data, and arrangements that make insurance affordable to smallholder farmers; and 2) to build capacity within UAP to empower the company to run index insurance on a commercial basis after project completion. Expected outcomes include implementing one new insurance product, insuring at least 30,000 farmers, and establishing an SME Management Solutions-based mobile platform.