In a groundbreaking transfer to guard farmers from climate-induced losses, Guyana President Dr. Irfaan Ali on Tuesday launched a premium-free crop insurance coverage programme for rice farmers, hailing it as a historic step towards local weather resilience and agricultural modernization.
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The initiative — a collaboration between the Authorities of Guyana, Indian agrochemical big United Phosphorus Restricted (UPL), and Philip Morris Worldwide — will present roughly 6,000 rice farmers with free insurance coverage protection towards excessive climate occasions equivalent to flooding and drought. Farmers won’t be required to pay any premiums, making the programme the primary of its variety within the Caribbean area.
“This programme is not only reduction. It’s a lifeline for you,” President Ali informed farmers gathered on the Area Two launch. “For years we’ve got talked about crop insurance coverage however little traction was made till now. That is what makes in the present day so historic.”
The brand new insurance coverage scheme types a part of a broader nationwide technique to spice up meals safety, enhance entry to credit score, and promote climate-smart farming practices. President Ali urged business banks to regulate their lending frameworks now that farmers have insurance coverage backing.
“Now you’ll be able to go to the financial institution along with your insurance coverage. We’re difficult the banks: with this insurance coverage, the danger is decreased, and the price of lending to our farmers should cut back considerably,” he stated. “We wish farmers to grow to be rich… to have much less tax burden and extra disposable revenue.”
As a part of the rollout, the federal government additionally introduced a pilot rice farming system that can incorporate trendy expertise and superior instruments to spice up productiveness and local weather resilience.
Minister of Agriculture Zulfikar Mustapha described the programme as a “transformative second” for the sector. “From now, you’ll be coated by this product so as to be compensated when these items occur,” he stated, referencing previous difficulties accessing agricultural insurance coverage in Guyana.
“We’re the primary nation in the complete area that’s launching a product to cowl our rice farmers,” Mustapha added. “This isn’t nearly danger discount. It’s about empowerment.”
UPL govt Jaidev Shroff counseled Guyana’s management, noting that agriculture is among the many sectors hardest hit by local weather change. “Farmers cannot solely feed the world — we imagine that farmers will help decarbonize the world if they’re incentivized proper,” he stated.
With rice remaining a cornerstone of Guyana’s agricultural exports, the federal government hopes the programme will finally be expanded nationwide and function a mannequin for climate-resilient farming all through the Caribbean.
