EIF AND NASRIA FORGE STRATEGIC ALLIANCE TO DRIVE CLIMATE CHANGE RESILIENCE-RELATED INSURANCE INITIATIVES AND SUSTAINABLE DEVELOPMENT
Windhoek, February, 16th 2024 - In a landmark move, the Environmental Investment Fund of Namibia (EIF) and the Namibia Special Risks Insurance Association Limited (NASRIA) have formalized a Memorandum of Cooperation (MOC) to propel climate change-related insurance products and foster collaborative efforts, solidifying the two entities commitment to collaborative efforts in addressing climate change-related challenges and promoting sustainable development and enhancing the availability and accessibility of climate change-related insurance products in Namibia.
The MOC serves a multifaceted purpose:
1. Solidifying Funding Framework:
The primary objective is to formalize a comprehensive framework for cooperative engagement. By doing so, NASRIA aims to secure vital funding for its climate change-related insurance products, underscoring an unyielding dedication to climate resilience.
2. Nurturing Collaborative Dynamics:
Beyond financial endeavours, this memorandum strives to nurture a culture of cooperation. It seeks to create a vibrant exchange platform where EIF and NASRIA share not just information, but also skills, knowledge, expertise, and innovative systems. This collaborative spirit establishes a dynamic environment, fostering mutual growth and development for both entities.
3. Elevating Compliance Standards:
An integral aspect of this agreement is the joint pursuit of benchmarking Compliance and Governance Policies. EIF and NASRIA will collaboratively assess and enhance policies and procedures related to public enterprises compliance and governance. This strategic alignment ensures not only adherence to international standards but a commitment to excellence in regulatory practices, elevating the operational standards of both organizations. "This
partnership will play a crucial role in advancing our respective mandates and addressing the challenges posed by climate change," said Benedict Libanda, Chief Executive Officer at EIF. "By sharing expertise and resources, we can strengthen the resilience of our nation and promote sustainable development."
As part of their commitments, the parties will collaborate on initiatives to secure funding for NASRIA's climate change-related insurance products. They will also share information, expertise, and policies related to regulatory compliance and governance for public enterprises.
"We are excited about this collaboration with EIF," said John Uusiku, Acting Managing Director at NASRIA. "It will enable us to expand our coverage of international-standard short-term insurance and support the development of the short-term insurance industry in Namibia."
Upon signature, the MOC establishes an enduring foundation for collaboration, remaining effective until termination, ensuring sustained cooperation.
EIF and NASRIA pledge to advance their mandates by jointly addressing initiatives, sharing information, and collaboratively benchmarking policies related to public enterprises' regulatory compliance and governance.
As state-owned entities, both organizations commit to cooperative efforts focused on securing funding for NASRIA's climate change-related insurance products. This includes sharing information, expertise, and jointly benchmarking policies to elevate regulatory compliance and governance standards within public enterprises.
For seamless implementation of agreed cooperation activities, each party will appoint dedicated focal point persons responsible for coordination and facilitation. This strategic approach enhances the effectiveness of collaborative endeavours.
For more information, please contact:
Contact Persons:
Lot Ndamanomhata Ndapona Schleberger
Manager Corporate Communications Executive: Marketing & Sales
Environmental Investment Fund of Namibia Special Risks Insurance Association
Namibia (EIF) Limited (NASRIA)
Tel: +264 811601846/+264614317706 Tel: 264811268038/+26461229207
Email: LNdamanomhata@EIF.ORG.NA Email: ndapona@nasria.com.na
About EIF
The Environmental Investment Fund stands as Namibia's robust response to the pressing global demand for green financing, sculpted by the impactful Environmental Investment Fund Act, Act 13 of 2001. Pioneering sustainable development, it has swiftly emerged as one of Africa's premier green and climate financing institutions. Envisioning itself as a trailblazer, the EIF strives to be a recognized leader in innovative financing mechanisms, committed to inclusive development for all Namibians. As a national entity and environmental fund, the EIF fervently invests in projects safeguarding Namibia's natural resources, harmonizing environmental preservation with sustainable economic development.
A distinguished player on the global stage, EIF holds the distinction of being among the 24 entities worldwide dedicated to this cause. Furthermore, it proudly earned the accolade of being the first in Southern Africa to access climate finance directly from the prestigious Green Climate Fund ("GCF"). The EIF's resounding success is reflected in its global fundraising triumph of over N$ 3.6 billion, channelling a substantial N$ 2.3 billion into diverse climate-related projects within Namibia. For a deeper insight, visit www.eif.org.na.
About NASRIA
The Namibia Special Risks Insurance Association (NASRIA) Ltd is a state-owned insurer which provides insurance in respect of special risk insurance solutions. NASRIA is currently the only insurer in Namibia which provide insurance cover for Namibians and their assets against extraordinary (special) events such as, but not limited to, riots, strikes, civil commotion, labour disturbances, lockouts, and terrorism. NASRIA is further committed to become a climate change risks champion and partner in the market and have recently expanded it special risks offering into agriculture climate change related risks insurance solution, aimed at insuring both communal and commercial livestock and crop farmers in Namibia.
For further information about NASRIA and its offerings, visit: https://www.nasria.com.na
