In a landmark move, the Environmental Investment Fund of Namibia (EIF) and the Namibia Special Risks Insurance Association Limited (NASRIA) have formalized a Memorandum of Cooperation (MOC) to propel climate change-related insurance products and foster collaborative efforts, solidifying the two entities commitment to collaborative efforts in addressing climate change-related challenges and promoting sustainable development and enhancing the availability and accessibility of climate change-related insurance products in Namibia.
The MOC serves a multifaceted purpose which include solidifying funding framework whose primary objective is to formalize a comprehensive framework for cooperative engagement. By doing so, NASRIA aims to secure vital funding for its climate change-related insurance products, underscoring an unyielding dedication to climate resilience.
The MOC will also strive to nurture a culture of cooperation. It seeks to create a vibrant exchange platform where EIF and NASRIA share not just information, but also skills, knowledge, expertise, and innovative systems. This collaborative spirit establishes a dynamic environment, fostering mutual growth and development for both entities.
An integral aspect of this agreement is the joint pursuit of benchmarking Compliance and Governance Policies. EIF and NASRIA will collaboratively assess and enhance policies and procedures related to public enterprises compliance and governance. This strategic alignment ensures not only adherence to international standards but a commitment to excellence in regulatory practices, elevating the operational standards of both organizations.
“This partnership will play a crucial role in advancing our respective mandates and addressing the challenges posed by climate change,” said Benedict Libanda, Chief Executive Officer Position at EIF. “By sharing expertise and resources, we can strengthen the resilience of our nation and promote sustainable development.”
As part of their commitments, the parties will collaborate on initiatives to secure funding for NASRIA’s climate change-related insurance products. They will also share information, expertise, and policies related to regulatory compliance and governance for public enterprises.
“We are excited about this collaboration with EIF,” said John Uusiku, Acting Managing Director at NASRIA. “It will enable us to expand our coverage of international-standard short-term insurance and support the development of the short-term insurance industry in Namibia.”
Upon signature, the MOC establishes an enduring foundation for collaboration, remaining effective until termination, ensuring sustained cooperation.
EIF and NASRIA pledge to advance their mandates by jointly addressing initiatives, sharing information, and collaboratively benchmarking policies related to public enterprises’ regulatory compliance and governance.
As state-owned entities, both organizations commit to cooperative efforts focused on securing funding for NASRIA’s climate change-related insurance products. This includes sharing information, expertise, and jointly benchmarking policies to elevate regulatory compliance and governance standards within public enterprises.
For seamless implementation of agreed cooperation activities, each party will appoint dedicated focal point persons responsible for coordination and facilitation. This strategic approach enhances the effectiveness of collaborative endeavours.
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