Launch of new cotton crop insurance
A new product dedicated to cotton growers has been launched in Burkina Faso. In this regard, a framework agreement was signed on May 17, 2018, in Ouagadougou by the Société Burkinabè des Fibres Textiles (SOFITEX), the Union Nationale des Producteurs de Coton du Burkina (UNPCB) and various banking and insurance partners, reveals the Financial Afrik website.
The objective of cotton crop insurance is to protect producers against declining income.
A study on agricultural risks conducted by the ministry of agriculture points to the serious crop losses recorded between 2005 and 2012 which would amount to 33 billion FCFA (55 million USD) and get worse by 2025.
As a reminder, Burkina Faso is engaged , since 2011, with the World Bank in the program Assurance Récolte Sahel (ARS), an index insurance plan to cover the risk of drought.
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