GIIF is funded by the European Union, Japan and the Netherlands.
The EU is the primary donor partner to the GIIF Trust Fund with a focus on the African, Caribbean and Pacific Group of States (ACP). The governments of Japan and the Netherlands are providing additional support to different regions/countries where IFC operates.
GIIF works both with private sector and public sector players in order to build index insurance markets.
On the private sector side, the GIIF IFC Team funds implementing partners comprised of an intermediary “broker/agent” who develops index insurance products with local and regional insurance companies who then sell the products. The index insurance products are often bundled with loans or credit and distributed mostly through portfolio-level aggregators such as agribusinesses, banks and microfinance institutions, and cooperatives.
On the public sector side, the GIIF WB Team works closely with governments at the regional and national level on policy issues to create an enabling legal and regulatory environment for index insurance. The GIIF WB Team also carries out feasibility studies and index insurance pilots to test the feasibility of index insurance markets.
In the Caribbean, GIIF has funded one private sector implementing “broker” partner, MiCRO, in Haiti to build an index insurance market:
On the public sector side, GIIF has conducted index-insurance feasibility studies as well as capacity building activities in five countries in the region.