Rwanda explores parametric insurance to stabilize mining sector income

Rwanda is exploring a parametric insurance scheme designed to provide financial support for its mining sector. The Rwanda Extractive Industry Workers Union backed the proposal, which would compensate miners for income lost when heavy rains force mining operations to stop. The Ministry of Finance and Economic Planning noted that the mining sector employs about 92,000 people, many of whom are daily-paid workers.

The proposed scheme aims to provide a financial safety net for miners affected by weather-related work stoppages, functioning as a form of job-loss benefit. This initiative addresses the income vulnerability of the large workforce in Rwanda's mining sector, many of whom rely on daily earnings.

The initiative is part of efforts focused on the development of Rwanda's mining sector.