PlaNet Guarantee, a member of the France-based PlaNet Finance Group, and the Global Index Insurance Facility (GIIF), a program of the International Finance Corporation (IFC), have joined to launch a regional platform for index insurance in West Africa. The objective of the project is “to develop agricultural insurance systems in West African countries including Senegal, Mali and Burkina Faso” [1]. PlaNet Finance Group reports that this will be done by developing indexes, designing insurance products, providing underwriting, making links between distribution channels and insurers, training farmers and disseminating information to partners [1]. The platform will be based in Senegal with satellite branches in the other two countries.
By 2015, the platform aims to reach 60,000 people and raise awareness of agricultural insurance amongst 165,000 farmers [1].
By: Alexandra Pattee, Research Associate
About PlaNet Finance: Founded in 1998 in Paris, France, PlaNet Finance is a nongovernmental organization (NGO) with the mission of alleviating poverty through microfinance development. PlaNet Finance is active in approximately 80 countries as of 2008 and is comprised of eight independent units: PlaNet Finance Advisory Services, which provides technical and advisory services; Planet Rating, a microfinance rating agency; PlaNIS responsAbility SAS, which specializes in advisory services and structuring and managing microfinance funds; MicroCred, an investor in microfinance; PlaNet Guarantee, which specializes in microinsurance; FinanCites, a social venture capital company; MicroFit, a microfinance software unit; and PlaNet University, a microfinance training provider.
About International Finance Corporation (IFC): The International Finance Corporation (IFC) is a member of the World Bank Group that was created to support private sector development, mobilize private capital and provide advisory and risk mitigation services. IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries that drive its policies and approve disbursements. As of June 30, 2010, IFC has net income of USD 1.75 billion, total assets of USD 61 billion, return on assets of 3.1 percent, total investment mobilization of USD 18.4 billion and 528 projects.
Sources and Resources:
[1] PlaNet Guarantee Press Release, “PlaNet Guarantee, member of the PlaNet Finance Group, and the GIIF come together to launch the first regional management platform for index insurance. The objective is to cover 60 000 farmers in West Africa by 2015”, Submitted directly to MicroCapital
MicroCapital.org Article, March 25, 2011, “Guy Carpenter Reinsurance to Receive $1m Grant from International Finance Corporation (IFC) to Develop Agriculture Microinsurance in Mozambique”, https://www.microcapital.org/microcapital-brief-guy-carpenter-reinsurance-to-receive-1m-grant-from-international-finance-corporation-ifc-to-develop-agriculture-microinsurance-in-mozambique/
MicroCapital.org Article, March 23, 2011, “International Finance Corporation (IFC) to Purchase 18 Percent Stake in National Rural Support Programme Microfinance Bank (NRSP MF Bank) of Pakistan in Effort to Boost Farmers’ Access to Finance”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-to-purchase-18-percent-stake-in-national-rural-support-programme-microfinance-bank-nrsp-mf-bank-of-pakistan-in-effort-to-boost-farmers-a/
MicroCapital.org Article, February 14, 2011, “PlaNet Finance, Belgian Finance Club Host PlaNet Finance Conferences Brussels 2011, “Microfinance: A Development Tool or a Profit-Making Device” March 21″, https://www.microcapital.org/microfinance-event-planet-finance-belgian-finance-club-host-planet-finance-conferences-brussels-2011-microfinance-a-development-tool-or-a-profit-making-device-march-21/
MicroCapital.org Article, August 16, 2010, “PlaNet Finance India Inviting Applications for Microfinance Process Excellence Award”, https://www.microcapital.org/microcapital-brief-planet-finance-india-inviting-applications-for-microfinance-process-excellence-award/
MicroCapital.org Article, December 4, 2009, “International Finance Corporation (IFC), European Commission and Netherlands? Ministry of Foreign Affairs Launch ?Global Index Insurance Facility? to Expand Access to Microinsurance”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-european-commission-and-netherlands?-ministry-of-foreign-affairs-launch-?global-index-insurance-facility?-to-expand/
MicroCapital.org Article, April 30, 2009, “PlaNet Finance Seeks Research Proposals for University Meets Microfinance (UMM) Project”, https://www.microcapital.org/microcapital-story-planet-finance-seeks-research-proposals-for-university-meets-microfinance-umm-project/
MicroCapital’s Microfinance Universe: PlaNet Finance: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=PlaNet+Finance+India
MicroCapital’s Microfinance Universe: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Whole Planet Foundation Offering Interest-free Wholesale Funding for Microfinance in Latin America, Caribbean
- SPECIAL REPORT: Leveraging Carbon Credits to Insure MSMEs in Climate-vulnerable Nations #SAM2023
- MICROCAPITAL BRIEF: Vanuatu Launches Vanklia System to Automate Large, Small Payments
- SPECIAL REPORT: Leveraging Financial Inclusion to Get Food Security Back on the Increase #EMW2023
- MICROCAPITAL BRIEF: Abler Nordic Leads $10m Equity, Debt Investment Round for Ergos, Agtech Offering Crop Storage in India
