The United Nations Development Programme (UNDP) has launched the Insurance and Risk Financing Facility (IRFF) in Ethiopia. This is reported by ENA. IRFF will help the African nation build the capacity of businesses, communities and individual entrepreneurs through accessible, affordable and innovative insurance products.
UNDP Ethiopia Resident Representative, Samuel Doe said the launch of an insurance and risk financing programme in the country is necessary for the development of the economy. He added that Ethiopia is vulnerable to various natural and man-made hazards.
The publication said the insurance and risk financing programme will also be useful to the National Bank of Ethiopia in setting up a dedicated insurance supervisory body that will act as an independent regulator.