Africa looks to extend new disaster insurance to Ebola-like epidemics

January 30, 2015 4:55 PM

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DAKAR (Reuters) - African countries want to extend a new catastrophe insurance fund, which made its first payout of $25 million this month, to include protection against epidemics in the wake of the devastating Ebola outbreak.

The African Risk Capacity (ARC) agency, a specialized body of the African Union, launched a scheme last year to insure against natural disasters. It is an effort to break Africa's reliance on foreign aid and address the impact of climate change by using innovative financial techniques.

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