United Nations Development Program (UNDP) and the Central Bank, the Maldives Monetary Authority (MMA) have signed an agreement to finance the Maldives Insurance Development Project.
The project is being implemented in collaboration with Maldives' Integrated National Financing Framework (INFF).
UNDP said the agreement was based on the findings of the Insurance Sector Diagnostic Study conducted last January. The project will enhance the capacity of the insurance sector and strengthen regulations in line with Maldives' sustainable development goals.
It also includes the procurement of nature-based insurance products and overcoming various environmental challenges in Maldives, as well as increasing financial stability.
UNDP Resident Representative to Maldives Enrico Gaveglia said that insurance is a robust adaptation measure that can be used as a new financing tool to protect vulnerable communities and investments.
MMA Governor Ali Hashim said the strategic partnership aims to transform the insurance industry in Maldives by strengthening the insurance regulatory framework and enhancing its operational capacity.
