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ISSUE: q107
04/03/07
Government officials, industry experts and business people gathered in Lusaka recently for an African Trade Insurance Agency (ATI) trade and finance clinic.
Ministry of commerce permanent secretary Davison Chilipamushi attended the opening of the two-day conference, along with ATI chief executive Peter Jones.
The agency was established in 2001 by the Common Market for Eastern and Southern Africa (COMESA) and is Africa’s only multilateral import and export credit agency. It has some US$123 million of underwriting capital available to member countries from the World Bank’s International Development Association arm and issues policies covering political and commercial risks.
The Lusaka conference attracted various officials from government and the private sector, who exchanged notes on how they could benefit from the agency.
Products and Services offered by ATI include political risk insurance for cross-border project and trade transactions, non-payment cover for private, parastatal and sovereign obligors, whole turnover credit insurance (protection against non-payment of private buyers), currency inconvertibility and non-transfer cover, confiscation, expropriation, nationalisation and deprivation cover (tangible assets), foreign direct investment insurance against confiscation, expropriation, nationalisation and forced abandonment, and war and civil disturbance cover.
ATI member states are Burundi,the Democratic Republic of Congo, Djibouti, Eritrea, Kenya, Madagascar, Malawi, Rwanda, Tanzania, Uganda and Zambia.
Corporate members include the Common Market of Eastern and Southern Africa, Atradius Group, the Eastern and Southern African Trade and Development Bank (PTA Bank) and the PTA Re Insurance Company.
Date: q107
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