ATI and IFTRIC Agree on Cooperation
Nairobi, Kenya, August 30, 2005.
The African Trade Insurance Agency (ATI), Africa's first and only multilateral export credit agency and the Israel Foreign Trade Risks Insurance Corporation (IFTRIC) have agreed to corporate by way of risk sharing arrangements, exchange of information relating to export credit or political risk insurance activities and grant of mutual assistance in the event of claims.
Mr. Caroli Omondi, ATI's Acting Chief Executive Officer in welcoming the signing of the Memorandum of Understanding observed that "this cooperation will enhance ATI's ability to support trade and investment transactions connecting Africa with Israel and create more opportunities for the private sector in both directions. Israel continues to be a key trading and investment partner of ATI Member States. This kind of cooperation is part of ATI 's strategy to mobilize insurance resources and appropriate skills in support of African related trade and investments".
Mr. Uri Bernstein, Managing Director at IFTRIC said, "This agreement will make financing transactions to Africa significantly easier and essentially levels the competitive African playing field for Israeli exporters. We expect the cooperation with ATI to provide new opportunities for Israeli companies and to encourage them to expand their operations in Africa."
IFTRIC is a wholly government-owned export credit insurer, specializing in providing medium- to long term export credit insurance from one to ten years. IFTRIC assists Israeli exporters in a variety of sectors, including infrastructure, communication, energy, agro-industry, and military defense systems. IFTRIC insures about 10% of total Israeli exports and supports approximately 80% of Israeli exports to emerging markets such as Venezuela, Ukraine, Uzbekistan, Kazakhstan, African countries and others.
NOTES TO EDITORS
In partnership with global players such as Lloyd's of London, MIGA, Atradius Group, OPIC, AIG, OND Ducroire and Zurich Financial Services Group, ATI offers:
|Trade Political Risk Insurance|
|Non-payment Cover on Public Buyers|
|Credit Insurance on Private Buyers|
|Foreign Direct Investment Insurance|
|Project Loan Insurance|
|Unfair Calling of Bonds Insurance|
|Mobile Assets Insurance|
|War and Terrorism Physical Damage and Consequential Loss Insurance|