Ethiopia signs ARC Treaty

Addis Ababa, October 23, 2023 (FBC) – Ethiopia signed the African Risk Capacity (ARC) Treaty to join the African Union Agency, African Risk Capacity Insurance Company Limited (ARC), today at the Ministry of Foreign Affairs.

The signing ceremony took place in the presence of the African Union delegation led by Mr. Mohammed Salem Boukhari, State Minister of the Ministry of Finance, Semereta Sewasew, and representatives of Ethiopia’s Agricultural Transformation Institute and other line ministries.

Ambassador Mesganu Arga, State Minister of Foreign Affairs of Ethiopia, during his opening remarks, underscored the importance of signing this treaty in providing Ethiopia with the opportunity to work with ARC to better prepare, plan and respond to extreme weather events and natural disasters.

Considering the significant effect of climate change on Ethiopia’s agricultural sector, collaborative work with regional and international institutions such as ARC is pertinent, noted the State Minister.

Ambassador Mesganu also stressed the Government’s commitment to working in collaboration with ARC in building national response capacities.

Mr. Mohamed Salem Boukhari, on his part, commended the commitment of the Government of Ethiopia for signing this agreement which is an important step to join the ARC, per MFA Ethiopia.