The government of Kenya nominated Dr Kamau Thugge, the Principal Secretary to the National Treasury, as its new Board representative on the African Trade Insurance Agency’s (ATI) Board of Directors. As a Board member, Dr Thugge will support the Board of Directors in managing ATI’s business and general operations.
In his current role for the Government of Kenya, Dr Thugge has oversight responsibility for the National Treasury. Prior to this appointment, he worked in the Ministry of Finance as Head of the Fiscal and Monetary Affairs Department, Economic Secretary and as a Senior Economic Advisor. Before joining the Ministry of Finance he worked for the International Monetary Fund as an Economist, a Senior Economist and as a Deputy Division Chief. Dr Thugge holds a PhD in Economics from Johns Hopkins University.
Speaking from his office in Tanzania, Mr Israel Kamuzora, the Insurance Commissioner for his country and the Chairman of ATI’s Board of Directors welcomed Dr Thugge noting that “his impressive experience in macroeconomic analysis and holding senior level positions at other multilateral financial organisations will no doubt enrich our Board. We look forward to working with him in his capacity as ATI’s liaison to the government of Kenya.”
Of ATI’s 10 member countries, Kenya currently holds the largest exposure at $301 million – many of these projects are in the energy, financial services, transportation and telecommunications sectors. Kenya is also ATI’s largest shareholder with $28.3 million in paid up capital.
The capital stock structure of ATI is open-ended and is based on an initial authorised nominal capital stock of $1 billion divided into 10,000 shares with a par value of US$100,000. There are five available shareholder classes in which members can purchase stock – Class ‘A’ shares are open to African states and must at all times represent a majority or a minimum of 51% of ATI’s capital stock; Class ‘B’ shares are open to non-African states or their designates; Class ‘C’ shares are open to private corporations; Class ‘D’, shares are open to regional economic organisations and export credit agencies; and Class ‘E’, shares are open to international development financial institutions.
Dr Thugge’s appointment is effective immediately. His three year term will include a one year overlap with his predecessor, Eng. Abdulrazaq Adan Ali, whose term finishes in May, 2015. Mr Isaac Awuondo retains his seat as Kenya’s Alternate Director.
