Ladies and gentlemen,

It is with great pleasure and a sense of profound purpose that I welcome you all to the launch of the Ethiopia Insurance and Risk Financing Facility. Today marks a significant milestone in our journey towards building resilience, protecting livelihoods, and fostering sustainable development in Ethiopia.

The establishment of the Ethiopia Insurance and Risk Financing Facility is a testament to our unwavering commitment to innovation, collaboration, and solidarity in addressing the complex challenges posed by disasters, emergencies, and climate change. As part of the United Nations Development Programme's broader insurance and risk financing program operating in 30 countries, this facility represents a pioneering initiative to deliver innovative protection solutions for vulnerable communities and businesses across Ethiopia.

In a world characterized by increasing uncertainty and volatility, the need and urgency for proactive and adaptive approaches to risk management and disaster response has never been greater. Ethiopia, like many countries, is highly vulnerable to a wide range of natural and man-made hazards, including droughts, floods, epidemics, and conflicts. These shocks not only threaten lives and livelihoods but also undermine the hard-won development gains that the country celebrated in the recent past.  Data especially from the humanitarian community suggests that the country has seen over half a dozen major droughts in just 15 years, leaving at least 20 million people in dire situations.  

The Ethiopia Insurance and Risk Financing Facility seeks to change this narrative by leveraging the power of insurance and risk financing mechanisms to enhance resilience, reduce vulnerability, and enable rapid response to disasters and emergencies. Through a combination of innovative insurance products, risk assessment tools, and capacity-building initiatives, the facility aims to empower communities, businesses, and government institutions to better anticipate, absorb, and recover from shocks and crises.

At the heart of the facility's approach is a commitment to inclusivity, equity, and sustainability. By working closely with national and local stakeholders, including government agencies, civil society organizations, private sector entities, and community leaders, we ensure that protection solutions are tailored to the unique needs and priorities of communities. Moreover, by prioritizing the most vulnerable and marginalized populations, including women, children, and persons with disabilities, we strive to leave no one behind in our quest for resilience and prosperity.

The launch of the Ethiopia Insurance and Risk Financing Facility is not just a symbolic gesture; it is a call to action for all of us to come together, to collaborate, and to innovate in the face of adversity. It is an invitation to embrace change, to challenge conventional wisdom, and to forge new pathways towards a safer, more resilient future for Ethiopia and its people.

As we embark on this transformative journey, let us draw inspiration from the resilience and strength of Ethiopian communities, who have endured hardships with grace and dignity over many years. Let us harness the power of partnership, solidarity, and shared humanity to build a future where disasters do not define the people of Ethiopia but unite them to transcend adversity.

In closing, I extend my heartfelt gratitude to the Bill and Melinda Gates Foundation and BMZ for their financial support which made the establishment of this Facility possible.  My appreciation also goes to the Insurance Development Forum (IDF) and the Milliman for their continued support to build capacity and insurance products in Ethiopia.  The Milliman has partnered with UNDP since 2022 to form the UNDP-Milliman Global Actuarial Initiative.  May our partnership continue to flourish.

The leadership of the Government of Ethiopia has been the primary driver.  Many thanks to the Ministry of Finance, the Ministry of Agriculture and the National Bank of Ethiopia.  The role of the private sector in bringing this initiative to life is also noteworthy.  

I am deeply grateful to all of you, our partners and stakeholders, for your unwavering support and commitment to this noble cause. Together, let us rise to the challenge, let us embrace the opportunity, and let us create a world where resilience is not just a concept but a reality for all.

Congratulations!