PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

579007

Primary Business Area

Access To Finance

Disclosure Date

Feb 22, 2011

Country

Western Africa Region

Region

Africa

IFC Approval Date

Oct 29, 2010

Status

Completed

Estimated Total Budget

$2,400,000.00
(Project budget includes all project-funded activities)

Last Updated Date

Nov 30, 2016

Project Estimated Start Date

Jan 1, 2011

Project Description

The project works with PlaNet Guarantee, a subsidiary of the PlaNet Finance Group dedicated to the promotion and development of microinsurance systems, to address key components of the value chain for crop insurance in Western Africa countries. Beginning with the two countries where PlaNet Guarantee is currently conducting pilot programs (Mali and Burkina Faso), the project will incorporate two new countries per year. Specific actions include conducting feasibility studies, creating weather and yield indexes, disseminating information on crop insurance across the region, and establishing an index insurance hub that will provide underwriting and claims management services and develop a reinsurance pool. The objective is for 500,000 farmers in Western Africa to have index insurance by 2016.