The Cambodian Center for Study and Development in Agriculture (CEDAC) will provide agricultural insurance to Cambodian rice farmers nationwide next year as part of a deal reached with another NGO on Tuesday.
CEDAC president Yang Saing Koma said Wednesday that CEDAC and the Netherlands-based Achmea Foundation are cooperating to implement the project, which will begin providing insurance in early 2015.
“The project will determine whether agricultural insurance for farmers will help prevent [financial] losses…due to risks such as weather, flooding and crop diseases,” Mr. Saing Koma said.
Under the agreement, Mr. Saing Koma said, Achmea will inject $90,000 into the project, which aims to provide insurance services to 3,000 farmers by October 2016.
An annual premium will be determined next year, once CEDAC and Achmea consult with farmers to settle on a price, he said.
Samath Veasna, vice president of the Federation of Cambodian Farmer Organizations for Development, a cooperative of rice farmers, said he welcomed the project.
“This is the first time I have heard that agricultural insurance will be provided to rice farmers,” he said.
“I strongly support it because farmers deal with many risks.”
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