In January 2012, the ARC commissioned a cost-benefit analysis (CBA) to examine the economic advantages and disadvantages of establishing a risk pooling facility as an early response mechanism to severe drought in sub-Saharan Africa.
Risk pool II, which covers the 2015/2016 rainfall seasons, consists of:
The inaugural risk pool, which covered the 2014/2015 rainfall seasons, consisted of:
Through the letter of intent, the AfDb and the ARC affirmed their intention to collaborate in the area of planning, preparation and response to extreme weather events and natural disasters, for the benefit of the Regional Member Countries of the AfDB (RMCs).
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In accordance with Article 14 of the ARC Establishment Agreement, the ARC Agency Governing Board was elected by the Conference of the Parties in Dakar, Senegal on 27 February 2013. The Board is composed of eight members of varying expertise from development economics and risk finance to climate change and food security.
Although their exact timing and magnitude are uncertain, most weather events are predictable. Agricultural production in many parts of Africa is affected by natural climate variability and is likely to be significantly compromised by climate change through the higher incidence of drought, erratic rainfall and damaging high temperatures.
The African Risk Capacity (ARC) was established as a Specialized Agency of the African Union (AU) to help Member States improve their capacities to better plan, prepare and respond to extreme weather events and natural disasters, therefore protecting the food security of their vulnerable populations.
DG Mohamed Béavogui of ARC and Minister Adama Koné of Côte d’Ivoire sign a Memorandum of Understanding in on the fringes of the World Bank Annual meetings in Washington DC Photo dated Date: 5 October 2016 Photo credit: Nathan Kone[/caption]
Mr. Mawdo Amadou Jallow
ARC Government Coordinator for the Gambia