EIF and NASRIA join forces to drive climate change resilience and sustainable development
The Environmental Investment Fund of Namibia (EIF) and the Namibia Special Risks Insurance Association Limited (NASRIA) have inked a historic Memorandum of Cooperation (MOC) aimed at spearheading climate change resilience-related insurance initiatives and fostering sustainable development.
This landmark alliance signifies a pivotal step towards addressing climate change challenges and promoting resilience within the nation.
The MOC, signed with a multitude of objectives in mind, serves as a cornerstone for cooperative engagement between EIF and NASRIA. Among its key aims, the agreement solidifies a comprehensive framework for cooperative funding, facilitating NASRIA’s efforts to secure crucial financing for climate change-related insurance products. This commitment underscores a shared dedication to bolstering climate resilience within Namibia.
Furthermore, the memorandum seeks to cultivate a culture of collaboration, fostering an environment where EIF and NASRIA can exchange not only information but also expertise, skills, and innovative approaches. This collaborative spirit is poised to drive mutual growth and development for both entities, ultimately enhancing the availability and accessibility of climate change-related insurance products across Namibia.
Integral to the agreement is the joint pursuit of elevating compliance standards and governance policies. By collectively assessing and enhancing regulatory practices, EIF and NASRIA aim to adhere to international standards and elevate operational excellence within their organizations.
Benedict Libanda, Chief Executive at EIF, expressed optimism about the partnership’s potential, stating, “This collaboration will play a crucial role in advancing our respective mandates and addressing the challenges posed by climate change. By pooling our expertise and resources, we can strengthen the resilience of our nation and promote sustainable development.”
John Uusiku, Acting Managing Director at NASRIA, echoed this sentiment, emphasizing the collaboration’s significance in expanding coverage of international-standard short-term insurance and supporting the development of the short-term insurance industry in Namibia.
Effective immediately upon signature, the MOC establishes a robust foundation for sustained collaboration between EIF and NASRIA. Both entities pledge to advance their mandates by jointly addressing initiatives, sharing information, and collaboratively benchmarking policies related to regulatory compliance and governance within public enterprises.
To ensure seamless implementation of cooperation activities, each party will appoint dedicated focal points responsible for coordination and facilitation, further enhancing the effectiveness of their collaborative efforts. As state-owned entities, EIF and NASRIA are committed to cooperative endeavors focused on securing funding for climate change-related insurance products and elevating regulatory compliance and governance standards within public enterprises.
