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Ngozi Okonjo Iweala |
By: Obinna Chima
The Coordinating Minister for the Economy and Minister of
Finance, Dr Ngozi Okonjo-Iweala, has been appointed as the first chairperson of
the Governing Council of African Risk Capacity (ARC), a continental financial
climactic disaster risk management agency.
A statement from the Special Adviser to the Coordinating
Minister for the Economy and Minister of Finance, Mr. Paul Nwabuikwu yesterday,
explained that the ARC is a specialised agency of the African Union (AU) which
supports countries in the continent in mitigating the severe social and
economic impact of extreme weather conditions through a structured insurance
system.
It stated that by deploying innovative technology based on
satellite weather surveillance and software run by independent risk
professionals, the ARC is expected to help African governments plan better for
emergency situations, manage them efficiently as well as in ensuring sufficient
distribution of resources to disaster areas.
Reacting to the development, Okonjo-Iweala who expressed
delight over the appointment, also described the ARC as a timely and innovative
response to the increasing challenges brought on by extreme weather conditions
in the continent
By deploying innovative technology based on satellite
weather surveillance and software run by independent risk professionals, the
ARC would help African governments plan better for emergency situations, manage
them efficiently, greatly reduce response time and ensure sufficient
distribution of resources to disaster areas.
Reacting to the development, Okonjo-Iweala who expressed
delight over the appointment, described the ARC as a timely and innovative
African response to the increasing challenges brought on by extreme weather
conditions which deserves the support of all Africans.
“Not only can we predict extreme weather conditions, with a
well-managed risk fund we are prepared to address them and ensure that the most
vulnerable people in our communities receive protection.
“The ARC will support the governments of its member state to
manage response programs effectively. And ensure that they have resources to
meet natural disasters head-on,” she said.
She added that ARC is a structured response that would help
governments in Africa to stop the bad practice of moving resources away from
critical areas during periods of emergency.
The major objective of ARC is to ensure that the climate
risk the continent is facing is controlled so that it does not negatively affect
economic growth and social development.
Partners that supported the creation of the ARC agency
include the Rockefeller Foundation, the UK’s Department for International
Development, the Swedish International Development Cooperation Agency (SIDA), Swiss
Agency for Development and Cooperation (SDC) and the International Fund for
Agricultural Development.
The Interim Director-General, ARC, Dr. Richard Wilcox, said:
“The launch of the ARC agency harnesses pan-African solidarity in approaching
climate risk in a financially efficient way. Welcomed by the G8 last year, ARC
is a critical step for African governments moving from managing crises to
managing risks.”
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