Malawi Receives $11.2M Drought Insurance Payout Amid El Nino Crisis

The Malawian government received an insurance payout of USD 11.2 million due to a severe El Nino-linked drought. The funds, granted by the African Development Bank and the African Risk Capacity Group, will aid 235,000 households with food assistance and provide direct relief to over 100,000 households.

The Malawian government has secured an insurance payout of USD 11.2 million following a severe El Nino-linked drought that forced the nation to declare a state of disaster this year.

This financial support, announced by the African Development Bank, stems from Malawi's drought insurance policy through the bank and the African Union's African Risk Capacity Group.

The funds are poised to deliver crucial food aid to around 235,000 households in the most affected regions and offer direct relief payments to over 100,000 households, as confirmed by Malawian President Lazarus Chakwera, who hailed the payout as "a lifeline for our vulnerable populations."

(With inputs from agencies.)