African Trade and Investment Development Insurance
The African Trade and Investment Development Insurance (ATIDI) is an investment, trade and political risk-mitigation institution on the African continent intended to provide insurance against political and commercial risks in order to attract foreign direct investment to the region. ATIDI was founded in 2001 by seven COMESA countries, with technical and financial backing of The World Bank.[1]
| Formation | 2001 |
|---|---|
| Type | Treaty |
| Purpose | Mitigation of political, investment and commercial risks in Africa |
| Headquarters | Kenya Re Towers, 5th Floor, Upper Hill, Nairobi, Kenya |
Region | Africa |
| Products | Investment Risk Insurance Political Risk Insurance Trade Credit Insurance Performance Bonds |
Membership | 21 African Countries 1 Non-African Country 11 Institutional Investors |
Official language | English & French |
Key people | Chief Executive Officer - Manuel Moses
Chief Underwriting Officer - Benjamin Mugisha Chief Financial Officer - Gladys Karuri General Counsel & Corporate Secretary - Linda Bwakira Ag. Chief Risk Officer – Kefa Muga |
| Website | https://www.atidi.africa/ |
ATIDI is Africa's only multilateral investment and credit insurer and as of 31 December 2022 it had supported trade and investments into Africa valued at over USD78 billion [2] since inception. ATIDI facilitates partnerships between African countries, lenders, investors, traders and insurers by providing Political (Investment) Risk Insurance to lenders and investors and also (Trade) Credit Insurance and Surety Bonds to commercial bank lenders and private sector traders of goods and services.
History
ATIDI was created in 2001 as African Trade Insurance Agency (ATI), to help drive much needed investment insurance capacity to Africa in order to support higher levels of foreign direct investments.[1] Seven COMESA countries obtained a grant from the World Bank to conduct a study to look at factors contributing the low levels of FDI to their countries. The study revealed political risk to be the main constraint and the primary concern of prospective investors. The study expanded into a World Bank project (The Regional Trade Facilitation Project I)[3] from which ATI was created. ATI launched in 2001 in Kampala, Uganda and opened its doors in Nairobi, Kenya, ATIDI's headquarters.[4]
Shareholders / Members
ATIDI has 21 member countries and 12 other corporate shareholders including the African Development Bank, Trade Development Bank, UK Export Finance (UKEF), SACE, Chubb and Atradius.[5] As of August 2023, 21 countries out of the 55 on the continent were ATIDI members.[4] Membership is open to all African Union member states, non-African states, private corporations, regional and international institutions. To learn about the benefits of membership visit https://www.atidi.africa/investor-relations/
India became the first non-African member country to become a shareholder through its government-backed export credit agency, ECGC[6]
| Paid up Capital | Non-African Member Countrties | Paid-up Capital | Other Shareholders | Paid-up Capital | |
|---|---|---|---|---|---|
| Angola | 15.8 | ||||
| Benin | 27.6 | India (ECGC) | 10.6 | African Development Bank | 15.0 |
| Burundi | 16.2 | African Reinsurance Corporation | 1.0 | ||
| Cameroon | 9.2 | Atradius | 0.1 | ||
| Côte d'Ivoire | 20.5 | Chubb Limited | 8.8 | ||
| Democratic Republic of Congo | 21.0 | COMESA | 0.1 | ||
| Ethiopia | 7.5 | CESCE | 1.0 | ||
| Ghana | 15.8 | Kenya Reinsurance Corporation | 1.0 | ||
| Kenya | 30.1 | NEXI | 10.0 | ||
| Madagascar | 7.3 | SACE SpA | 10.0 | ||
| Malawi | 18.7 | Trade Development Bank | 1.0 | ||
| Rwanda | 9.2 | UK Export Finance | 0.1 | ||
| Niger | 9.5 | Zep Re | 3.5 | ||
| Nigeria | 12.6 | ||||
| South Sudan | 9.6 | ||||
| Senegal | 11.8 | ||||
| Tanzania | 17.8 | ||||
| Togo | 25.1 | ||||
| Uganda | 24.1 | ||||
| Zambia | 18.2 | ||||
| Zimbabwe | 13.9 |
Credit ratings
S&P: Reaffirmed A/Stable (April 2022);[7] Assigned a Financial Enhancement 'A' rating (refers to ATIDI's ability and willingness to pay claims) [8]
See also
References
- The Economist Magazine (9 August 2001). "Insuring Africa". The Economist. London, United Kingdom. Retrieved 1 September 2023.
- 2018 Annual Report & Accounts (PDF). Nairobi, Kenya: ATI. 2019. p. 5.
- The World Bank (3 April 2001). "Regional Trade Facilitation Project 1". The World Bank. Washington, DC, United States. Retrieved 6 September 2018.
- Pauline Kairu (31 August 2023). "Pan-African insurer ATIDI in renewed push for continental investment". The EastAfrican. Nairobi, Kenya. Retrieved 1 September 2023.
- Brian Ngugi (29 August 2018). "ATI's credit rating upheld on expanding shareholder base". Daily Nation. Nairobi, Kenya. Retrieved 1 September 2023.
- LAU (17 August 2018). "India-Africa strengthen trade ties; ATI receives US$ 10 million". Logistics Update Africa (LUA). New Bombay, India. Retrieved 1 September 2023.
- Smith-Juvelis, Alexis (28 April 2020). "African Trade Insurance Agency 'A' Ratings Affirmed On Criteria Revision;Outlook Remains Stable" (PDF). ATI. Retrieved 16 September 2019.
- Smith, Alexis (25 September 2018). "African Trade Insurance Agency Assigned 'A' Financial Enhancement Rating" (PDF). ATI. Archived (PDF) from the original on 2020-05-13. Retrieved 25 September 2019.
- Holmes, Brandan (29 May 2019). "African Trade Insurance Agency New Issuer - Strong balance sheet and preferred creditor status offsets high-risk insured exposures" (PDF). ATI. Archived (PDF) from the original on 2020-05-13. Retrieved 29 May 2019.