The African Trade Insurance Agency (ATI) holds its 5th Ordinary General Assembly in Nairobi, Kenya
NAIROBI, KENYA 28th July 2006
The African Trade Insurance Agency (ATI) held its 5th Ordinary General Assembly in Nairobi, Kenya at the Grand Regency Hotel on the 28th July 2006. The General Assembly was attended by Ministers of Finance and Trade and other high ranking government officials from Burundi, Kenya, Rwanda, Tanzania, Uganda and Zambia, as well as representatives of COMESA, PTA Bank, Zep Re and Africa Re. The General Assembly was officially opened by the Honourable Minister of Trade and Industry for Kenya, Dr. Mukhisa Kituyi. It was a strategically important General Assembly that approved proposals both to strengthen the capital structure of ATI, and to provide an expanded range of risk mitigation products. This is necessary to enable the Agency to respond to the needs of the market place for political and credit risk insurance, in order to support the trade and investment needs of its member countries.
The Chairman of the General Assembly, the Hon. James Musoni, Minister of Finance and Economic Planning, Republic of Rwanda said: "it is imperative that ATI, as the official export credit agency of its member countries, undergoes a process of transformation to remain relevant in the political and credit risk insurance market. ATI's recapitalization and product expansion represents a significant development, ensuring that the Agency is fully equipped to achieve its mandate of supporting the private sector to expand their markets and compete internationally. This is one of the key pillars of the economic growth strategies being pursued by our member countries and ATI plays a pivotal role in this process."
The CEO Mr. Peter Jones said: "I am very pleased that the General Assembly has adopted a number of resolutions necessary to bring about this strategic shift. We embrace the challenge and opportunity to increase ATI's impact in the region as a catalyst to regional trade and investment."
Mr. Peter Jones, CEO ATI; Hon. James Musoni, Minister of Finance and Planning, Republic of Rwanda; Hon. Dr. Mukhisa Kituyi, Minister of Trade and Industry, Republic of Kenya; Mr. Astere Girukwigomba, Chairman of the Board, ATI; and Hon. Fred Omach, Minister of State for Finance, Planning & Economic Affairs, Republic of Uganda
Note to editors:
World Bank funds, lent to member states for the sole purpose of being used to support ATI?s underwriting, and for which loans the member states are liable to IDA, are leveraged through the provision of additional insurance capacity from both public and private commercial and political risk insurers. The effect of these partnerships can be to significantly increase the available capacity for transactions that ATI supports. ATI became operational in April 2002 when the initial tranches of the IDA funds were disbursed and ATI issued its first insurance policy.
Since then ATI has issued insurance policies covering political and commercial risks in 6 countries for a total transaction value of USD 209.7 million. The sectors covered include telecommunications, manufacturing, agribusiness, services, mining and real estate.
Beneficiaries include foreign companies exporting goods and/or services to participating African countries, foreign financiers funding exports and African companies from ATI countries that are exporting goods/services to the rest of the world.
|Democratic Republic of Congo||Tanzania|
* Full membership is subject to ratification
Products and Services:
|Political Risk Insurance for Cross Border Project and Trade Transactions|
|Non-payment Cover for Private, Parastatal and Sovereign Obligors|
|Whole turnover Credit Insurance (protection against Non-payment of Private Buyers)|
|Currency Inconvertibility and Non-Transfer Cover|
|Confiscation Expropriation Nationalisation & Deprivation Cover (Tangible Assets)|
|Foreign Direct Investment Insurance against Confiscation Expropriation Nationalisation & Forced Abandonment; and|
|War and Civil Disturbance Cover|