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African insurer eyes on doubling of investment portifolio to USD 7 bn over the five years

It was built up in 2001 with World Bank support to offer insurance for large investment and financing projects against risks such as sovereign default, war and insolvency, to stimulus investment by companies and private equity into Africa.


Devdiscourse News Desk Last Updated at 13-06-2018 07:53:54 IST Ghana
African insurer eyes on doubling of investment portifolio to USD 7 bn over the five years
  • The investment hazard insurer is owned by 14 African nations and other organisations like as the African Development Bank (AfDB). (Image Credit: Flickr)

African Trade Insurance (ATI) hope its yearly insured trade and investment portfolio to double to USD 7 billion within five years, driven by new members, inclusive of Ghana and Nigeria.

Its Chief Executive George Otieno stated that the yearly portfolio would increase by USD 1 billion this year to USD 3.5 billion and double to about USD 7 billion by 2022.

He stated that Nigeria, which could fetch USD 500 million worth of business to be insured by ATI once it signs as a member, was hoped to complete the membership process before the end of 2018.

The investment hazard insurer is owned by 14 African nations and other organisations like as the African Development Bank (AfDB).

It was built up in 2001 with World Bank support to offer insurance for large investment and financing projects against risks such as sovereign default, war and insolvency, to stimulus investment by companies and private equity into Africa.

Otieno said, "We are likely in the next five years to have another 20 countries on board."

ATI's net profit increase from 55 percent in 2017 to USD 10 million.

Major insurance projects on the continent insured by ATI comprise electricity generation projects in Kenya and a USD 200 million mining project in the Democratic Republic of the Congo.

ATI's chief John Lentaigne stated, "We should be opening an office in Ethiopia within the year".


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