The United Nations Development Programme (UNDP) has launched the Insurance and Risk Financing Facility (IRFF) in Ethiopia to help the country build the capacity of communities and businesses to cope with shocks, UNDP said in a statement.
"The facility will help develop accessible, affordable and innovative insurance products for farmers and businesses to help them bounce back stronger from socio-political as well as climatic shocks," the UN said.
Speaking at the launch ceremony, UNDP Resident Representative Samuel Doe said the launch of the IRFF in Ethiopia is critical to strengthening the insurance sector and building the resilience of the population.