The Republic of Senegal joins the African Trade Insurance Agency (ATI) (www.ATI-aca.org) as its 20th member state on its 20th Anniversary #20@20; Senegal joins with a subscribed capital contribution of EUR15 million, following financial support from the European Investment Bank (EIB); With the addition of Senegal’s contribution, ATI’s total equity stands at approximately US$473.8 million, a 15% increase since December 2020; ATI is working with the Ministry of the Economy, Planning and International Cooperation, the Ministry of Finance and Budget and key partners of the Private Sector of Senegal to identify key support areas towards supporting Senegal’s National Development Strategy of an Emerging Senegal (PES) by 2035. In the short term, ATI expects to support projects valued at over US$ 1 billion in the Financial, Energy and Infrastructure sectors.
As the African Trade Insurance Agency (ATI) celebrates two decades of designing innovative financial solutions for Africa’s trade and investments, the organisation is pleased to welcome the Republic of Senegal as its 20th member state.
Following financial support from the European Investment Bank (EIB), Senegal has joined ATI with a subscribed capital contribution of EUR 15 million. As a result, ATI’s total equity now stands at approximately US$473.8 million, representing a 15% increase since December 2020. The increase is attributed to new membership from Cameroon and Senegal, as well as continued profitability and reinvestments from existing shareholders in 2021.
ATI’s insurance and guarantee products will promote inward investment and affordable financing for the Government of Senegal. In particular, ATI can provide the country with a viable option to attract the much needed investment to implement its Plan of an Emerging Senegal (PES) 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 a strong risk participant. This should increase the ability and capacity of lenders and investors and significantly reduce Senegal’s cost of borrowing from international lenders, potentially reducing the country’s debt to GDP ratio. ATI mobilizes private sector capacity in the form of reinsurance to transactions in member countries thereby delivering significantly on its mandate to support trade and investment on the continent.
Senegal’s membership in ATI has come at an opportune time as it is aligned with the country’s new development strategy. The PES forms the reference framework for the country’s economic and social policy over the mid and long-term, which relies on a prominent role for the private sector seeking to attract more Foreign Direct Investment for the development of Senegal. In the short term, ATI expects to support viable projects valued at over US$1 billion in the Financial, Energy and Infrastructure sectors in Senegal.
ATI’s membership drive is partly supported by the EIB, which to date has provided a combined EUR 64.11 million in concessional lending for the membership subscription of Benin, Cameroon, Niger, Senegal and Togo. The EIB is also supporting Chad and Burkina Faso, both expected to complete their ATI membership requirements and join in the coming months.
Quote from Manuel Moses, CEO of ATI
“We are proud to welcome the Government of Senegal as our 20th Member State on our 20th Anniversary! We commend the Government’s efforts over the years towards finalising their membership requirements. ATI is committed to supporting Senegal, and Africa at large, in achieving its sustainable development goals, as we are the de-facto business risk mitigation organisation that facilitates investment and propels intra Africa trade in support of African Continental Free Trade Area (AfCFTA).”
Quote from H.E. Amadou Hott, Minister of the Economy, Planning and International Cooperation - Senegal
“Senegal is a credible and important player in the financial market and this membership will allow us to diversify the financing instruments available to the Republic of Senegal. Moreover, membership to 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 economy, with strong private sector participation.”
Distributed by APO Group on behalf of African Trade Insurance Agency (ATI).Press Contact:
Sheila Ongas
Communications Officer
African Trade Insurance Agency
sheila.ongas@ati-aca.org
Mobile +254 728 600 180
About The African Trade Insurance Agency:
ATI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. In 2020, ATI closed the year with a gross exposure of US$6.3 billion and a net profit of US$39.4 million, owing to a strong demand for ATI’s insurance solutions from the international financial sector and from African governments. Since inception, ATI has supported US$70 billion worth of investments and trade into Africa. For over a decade, ATI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard&Poor’s, and in 2019, ATI obtained an A3/Stable rating from Moody’s.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
