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Bloomberg — About 2 million smallholder farmers in El Salvador, Guatemala and Honduras who operate without insurance despite the increased frequency of hurricanes will get support from international institutions including the World Bank, the lender said.
A group including the World Bank, the United Nations’ World Food Programme and the Partnership for Central America will work with Insurance Development Forum to start up a plan, the organizations said in an emailed statement Thursday.
Agricultural exports play a significant role in the economic stability of the so-called Northern Triangle of Central America, which produces coffee, sugar, bananas, and other tropical fruits, according to the US Department of Agriculture. Climate shocks, food insecurity, poverty and violence have increased migration from the region, the WFP said.
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The group of institutions will work with the governments of the countries and the private sector “to identify and support disaster risk-finance models that are accessible to the most vulnerable,” they said in the statement.
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