NAIROBI, 23 October 2015 –September was a good month for the African Trade Insurance Agency (ATI). The African Development Bank Group (AfDB) announced that it had approved a combined US$30 million soft loan to fund the membership of Côte d’Ivoire and Ethiopia and to increase the capital base of Benin. In the same month, international rating agency, Standard & Poor’s (S&P) announced that it had reconfirmed ATI’s ‘A/Stable’ rating for the seventh consecutive year.
This news comes against a backdrop that reflects a strong and growing balance sheet. The additional $30 million from AfDB will increase ATI’s share capital to over $200 million. And ATI’s preliminary forecast projects that the company will easily reach, and likely surpass its financial targets in underwriting and overall results in 2015.
The AfDB’s announcement adds momentum to ATI’s mid-term objective to increase membership, which will help broaden its base of business across Africa while spreading its risk concentration.
“We are bullish about ATI’s three-year outlook. Our strong balance sheet and credibility through our S&P rating plus the more than $18 billion we’ve helped our existing member countries attract into their economies, helps us to make the case that joining ATI is a winwin,” notes George Otieno, ATI’s Chief Executive Officer.
