Gates gives one million dollars for poor farmers' insurance

ROME: The foundation set up by Microsoft billionaire Bill Gates is to donate almost one million dollars to help poor farmers in developing countries get insurance against natural disasters, the UN said on Monday.

The Bill and Melinda Gates Foundation will give 998,000 dollars to fund research as part of an initiative organised by the World Food Programme (WFP) and International Fund for Agricultural Development (IFAD), the two UN agencies said in a joint statement.

The UN says more than one billion people live on less than one dollar a day and that three out of four live in rural areas in developing countries.

"Most depend on agricultural activities for their livelihoods yet lack the institutional and financial capacity to withstand the impact of extreme weather events," the statement said.

So-called "weather index-based insurance schemes" are being tested in a number of countries, including Ethopia, Malawi, Nicaragua, Honduras and India.