The Regional Economic Agri-Insurance Programme (REAP) has officially launched, representing a pivotal advancement in agricultural insurance for the region.
President Irfaan Ali hailed the initiative as a significant milestone for the Caribbean, emphasizing its importance for sustainable and resilient food production.
For decades, the absence of crop insurance has hindered investment in the agricultural sector, which is vital for ensuring food security amidst the challenges posed by climate change.
The REAP, spearheaded by Lynch Caribbean Brokers, marks the fruition of years of advocacy and technical work, including initiatives dating back to the Jagdeo era.
President Ali underscored the importance of this financial instrument in supporting farmers, stressing the need to make it accessible and affordable to avoid placing a financial burden on them.
“This financial tool has been long overdue for our farmers, and we must support it in a way that makes it affordable and practical,” he stated.
The REAP initiative is being rolled out in six Caricom countries: Guyana, Barbados, Dominica, St. Lucia, St. Kitts and Nevis, and St. Vincent and the Grenadines.
This private-sector driven program aims to enhance food production resilience and reduce the region’s food import bill.
CARICOM Assistant Secretary-General Joseph Cox encouraged other member states to adopt and support the programme.
“Agricultural insurance programmes are crucial for expanding food production and achieving our targets,” Cox remarked.
The launch of REAP represents a critical step forward in addressing the agricultural sector’s needs and fortifying the region’s food security.