Fiji’s Ministry of Trade, the Office of the Prime Minister, and UNCDF are collaborating on a research project to assess how extreme weather affects MSMEs and Co-operatives, exploring resilient financial options like parametric insurance
Deputy Prime Minister Manoa Kamikamica said the initiative would help MSMEs and Co-operatives mitigate losses and damages from natural disasters, contributing to the industry by simplifying insurance claims and expanding coverage. UNCDF’s involvement will lead to the development of tailored Climate and Disaster Risk Financing and Insurance (CDRFI) solutions.
The project will go through research, product development, pilot testing, and assessment phases. This partnership will also promote financial literacy and co-operative awareness.
A budget of US$50,000 has been allocated by UNCDF for execution of this project.