LONDON, Nov 24 (Reuters) – Senegal will receive around 330,000 pounds ($400,500) in insurance payments from aid organizations to protect against the risk of drought, a spokesman for the aid groups said on Thursday.
The insurance taken out by the Start Network group of humanitarian non-governmental organizations (NGOs) was activated on Monday at the end of the rainy season, in anticipation of the drought next year, the spokesperson said by email.
The money is likely to be released towards the end of the year to tackle food insecurity in Senegal.
Assistance may include cash grants and food supplements such as fortified flour to lactating women and children under 5, the spokesperson said.
Aid organizations and governments work with insurers to create policies that release money more quickly after natural disasters.
A G7-led plan called “Global Shield” to provide financing to countries affected by climate disasters was launched at the UN’s COP27 summit last week.
UNICEF and broker Willis Towers Watson launched a program last week, funded with support from the German and British governments under the Global Shield program, to provide rapid financial response to tropical cyclones in eight countries.
The scheme targets 15 million climate-vulnerable children, young people and women, Willis Towers Watson said. The UNICEF program also includes upfront investment in climate resilience.
($1 = 0.8239 pounds)
Reporting by Carolyn Cohn and Virginia Furness; editing by Jonathan Oatis
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