West Africa gets EIB’s trade, insurance benefits
The European Investment Bank (EIB), 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 EIB has backed ATI’s membership expansion, as unlocking additional investment insurance is expected to transform public and private sector deals 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, South Africa, by Ambroise Fayolle, Vice President of the European Investment Bank and John Lentaigne, Ag Chief Executive Officer of the African Trade Insurance Agency.
“Today marks a significant milestone in the European Investment Bank’s support for 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.
“As the EU Bank, the European Investment Bank is committed to accelerating sustainable development across Africa. This new cooperation will expand the impact of investment insurance essential for sustainable development in West Africa,” the Vice President of EIB, Ambroise Fayolle, said.
Also, the Acting Chief Executive Officer of the African Trade Insurance Agency, John Lentaigne, said: “As an African institution, ATI has a strategic focus to de-risk member countries in order to attract investment and promote growth.
“The European Investment Bank’s engagement to expanding ATI membership in West Africa will help to ensure that the prospective countries’ economies achieve their full potential and follow the success of ATI membership seen in so many other countries across Africa.”
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.
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