El Niño Sees African Union Insurance Agency Pay Out $60 Million
- Zimbabwe, Malawi, Mozambique and Zambia to receive funds
- Corn crops across southern Africa have been decimated
A field of failed corn crops due to drought at a farm in Glendale, Zimbabwe.
Photographer: Cynthia R Matonhodze/BloombergThis article is for subscribers only.
The African Union’s climate insurance agency will pay out at least $60 million to four southern African nations to help them offset the impact of a drought that’s been driven by the El Niño weather pattern, its director general said.
Malawi, Zambia, Zimbabwe and Mozambique will receive payments at the end of the harvesting season in a few weeks time, Ibrahima Cheikh Diong, who leads the African Risk Capacity agency, said in an interview in Johannesburg on Tuesday.