The European Investment Bank has formally agreed to support the membership expansion of the African Trade Insurance Agency (ATI) with a concessional financing facility to cover the shareholding of three prospective members - Cameroon, Niger and Togo
This represents the first time the European Investment Bank has backed ATI’s membership expansion. Unlocking additional investment insurance is expected to transform public and private sector investment in the countries. Investment insurance includes the full spectrum of political and credit risk insurance covering both sovereign and corporate risks.
The agreement with ATI to enable the European Investment Bank to finance membership of countries was signed earlier today at the Africa Investment Forum in Johannesburg by Ambroise Fayolle, vice-president of the European Investment Bank and John Lentaigne, Ag CEO of the African Trade Insurance Agency.
“Today marks a significant milestone in the European Investment Bank’s support for the private sector and sustainable infrastructure development across Africa. The agreements agreed in Johannesburg today will enable West African countries to benefit fully from ATI membership and benefit from increased investment in sectors such as agriculture, energy, manufacturing and health,” said Ambroise Fayolle, vice-president of the European Investment Bank.
The European Investment Bank, the long-term lending institution of the European Union, will finance capital participation that will enable three countries to access guarantee and insurance mechanisms provided by ATI. Full membership in ATI is expected to follow in the coming months.
ATI membership is set to enable underlying projects to be bankable and able to attract new investors for strategic infrastructure and private sector projects.
