BOGOTA (Reuters) - Colombia is launching insurance to protect coffee plantations hit by climate change, which has damaged output in the world's top producer of high quality Arabica beans in recent years, officials said on Wednesday.
After three years of bad weather and a recent slump of international bean prices,Colombia is broadening the financial instruments available to farmers, a policy long practiced by more developed Latin American markets.
Small growers in Colombia will have insurance to protect their crops from drastic weather changes, starting from January, said Andres Lozano, a top advisor at the Colombian agricultural development bank, Finagro.
“The producer doesn't have to pay for the insurance. This is money that comes from the government and the coffee growers' federation,” Lozano told Reuters.
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