Two partial financings of crop insurance projects in Senegal and Bénin have been approved during the 94th ordinary session of the West African Development Bank (BOAD). Allocated funds, in the form of loan, amount to 2.179 billion FCFA (4.264 million USD).
The Support Project to the "Compagnie nationale d'assurance agricole du Sénégal" (PA-CNAAS) will have 1.09 billion FCFA (2.133 million USD). It consists of the implementation of a crop insurance product for cotton and corn crops. It should allow 40 000 producers to benefit from loans of up to 22 billion FCFA (43 million USD). Its overall goal is to reduce the vulnerability of producers through an insurance product covering several production phases.
The amount of 1.089 billion FCFA (2.131 million USD) is allocated to the Support Project to the "Assurance mutuelle agricole du Bénin (PA-AMAB).It musts provide crop insurance policies to all the cotton and rice producers of the country for the next two harvest years.
Those two projects are the first achievements of the crop insurance program initiated by the BOAD, following the food crisis of 2008 in the UEMOA zone.