Senegal joins the African Trade Insurance Agency (ATI) as 20th Member State on the occasion of the 20th anniversary of the ATI
The Republic of Senegal joins the African Trade Insurance Agency (ATI) (www.ATI-aca.org) as the 20th Member State on the occasion of its 20th anniversary #[emailÂ protected]; Senegal joined with a subscribed capital contribution of 15 million euros, following financial support from the European Investment Bank (EIB); With the addition of Senegal’s contribution, ATI’s total equity stands at approximately US $ 473.8 million, an increase of 15% since December 2020; ATI is working with the Ministry of the Economy, Planning and International Cooperation, the Ministry of Finance and Budget and key private sector partners in Senegal to identify key areas of support to support the National Development Strategy of Senegal from Emerging Senegal (PSE) by 2035. In the short term, ATI plans to support projects valued at more than US $ 1 billion in the finance, energy and infrastructure sectors.
As the African Trade Insurance Agency (ATI) celebrates two decades of designing innovative financial solutions for Africa’s trade and investment, the organization is pleased to welcome the Republic of Senegal as the 20e Member state.
Following financial support from the European Investment Bank (EIB), Senegal joined ATI with a subscribed capital contribution of 15 million euros. As a result, ATI’s total equity now stands at approximately $ 473.8 million, an increase of 15% since December 2020. This increase is attributed to new members from Cameroon and Senegal, as well as to continued profitability and reinvestments by existing shareholders in 2021.
ATI’s insurance and guarantee products will promote foreign investment and affordable financing for the government of Senegal. In particular, ATI can provide the country with a viable option to attract the investments essential to the implementation of its Plan for an Emerging Senegal (PSE) by 2035.
ATI’s rating (S&P – A / Stable and Moody’s A3 / Stable) will benefit lenders looking to do more business in the country with high risk participation. This is expected to increase the capacity and capacity of lenders and investors and significantly reduce Senegal’s cost of borrowing from international lenders, potentially lowering the country’s debt-to-GDP ratio. ATI mobilizes the capacities of the private sector in the form of reinsurance for transactions in member countries, thereby significantly fulfilling its mandate to support trade and investment on the continent.
Senegal’s accession to the ATI is timely because it aligns with the country’s new development strategy. The PSE constitutes the reference framework for the country’s economic and social policy in the medium and long term, which is based on a leading role of the private sector seeking to attract more Foreign Direct Investments for the development of Senegal. In the short term, ATI plans to support viable projects valued at over US $ 1 billion in finance, energy and infrastructure in Senegal.
ATI’s membership campaign is partly supported by the EIB, which to date has provided a total of â¬ 64.11 million in concessional loans for membership subscription from Benin, Cameroon, Niger, from Senegal and Togo. The EIB is also supporting Chad and Burkina Faso, both of which are expected to meet their conditions for ATI membership and join in the coming months.
Quote from Manuel Moses, CEO of ATI
âWe are proud to welcome the government of Senegal as the 20th Member State on the occasion of our 20th anniversary! We welcome the efforts of the government over the years to finalize its conditions of membership. ATI is committed to supporting Senegal, and Africa as a whole, in achieving its sustainable development goals, as we are the de facto business risk mitigation organization that facilitates investment and propels trade. intra-Africa in support of the African Continental Free Trade Area (AfCFTA). ”
Quote from HE Amadou Hott, Minister of Economy, Planning and International Cooperation – Senegal
âSenegal is a credible and important player on the financial market and this membership will allow us to diversify the financing instruments available to the Republic of Senegal. In addition, membership in the ATI will not only provide access to new investors and new products with local currency financing and with longer maturities, but will also play a key role in financing the recovery of the market. economy, with strong private sector participation.
Distributed by APO Group on behalf of the African Trade Insurance Agency (ATI).
African Trade Insurance Agency
Mobile +254 728 600 180
About the African Commercial Insurance Agency:
ATI was founded in 2001 by African states to cover the trade and investment risks of companies doing business in Africa. ATI mainly provides political risk, credit and surety insurance. In 2020, ATI closed the year with gross exposure of US $ 6.3 billion and net profit of US $ 39.4 million, due to strong demand for ATI’s insurance solutions from the international financial sector and African governments. Since its inception, ATI has supported $ 70 billion in investment and trade in Africa. For more than a decade, ATI has maintained an “A / Stable” rating for financial strength and counterparty credit by Standard & Poor’s, and in 2019, ATI received an A3 / Stable rating from Moody’s.