Abidjan, 15 December, 2023 – ATIDI, the pan African multilateral insurer, today signed an agreement making it a strategic partner of the Lusophone Development Compact. The partnership was signed with the African Development Bank (AfDB), acting as chair of the Lusophone Compact Steering Committee.
In November 2018, the Lusophone Compact agreement was signed between the African Development Bank, the Government of Portugal and six Portuguese-speaking African countries – Angola, Cabo Verde, Equatorial Guinea, Guinea-Bissau, Mozambique and São Tomé and Principe- setting up a platform which provides risk mitigation, financing products and technical assistance to accelerate private sector development and investment in the Compact’s member states.
As part of the agreement, ATIDI, Africa’s premier multilateral provider of development insurance, will deploy its risk-mitigating solutions to the Compact’s member states. ATIDI’s investment grade A-rated guarantees has already been benefiting a number of PALOP countries including Angola and Mozambique. In April 2023, the Republic of Angola became the first Lusophone member state of ATIDI with a capital subscription of USD25 million from proceeds of the landmark BITA Water Project supported by ATIDI. Recognized by the 2022 African Bankers Awards as Infrastructure Deal of the Year, the BITA water development project benefited the lives of over 2,5 Million people to accessible portable water services in Luanda.
Before Angola joined as a member, ATIDI already engaged in the country and covered transactions with a gross exposure of USD418M, mainly in construction, energy & gas, trade & transport, water supply and wholesale & retail.
Created in 2001 and operational in just seven countries then, ATIDI has grown into a pan-African institution counting over 21 African member states, with presence across the continent as well as a significant global reach. AfDB is a shareholder in ATIDI and supports the organization’s mandate and efforts to expand its geographical footprint across the continent, alongside other strategic development partners such as the European Investment Bank (EIB) and the German Development Bank (KfW). To date, ATIDI has supported USD78 billion worth of investments and trade into Africa, posting over a decade of consecutive steady profits and financial results.
Quote from Manuel Moses, CEO, ATIDI
“This partnership is a milestone for ATIDI, and is aligned with is one of the pillars of our 2023-2027 corporate strategy. Bringing our unique risk mitigation solutions to member states of the Lusophone Development Compact can only fast-track private sector investment within Portuguese speaking Africa, and enable transformational, responsible, sustainable and eco-friendly projects f benefit the people and governments of PALOP countries. ATIDI will play its critical role to the fullest to help achieve this noble development goal.”
Quote from Marie Lure Akin-Olugbade, African Development Bank Vice President, Acting Chair of the Lusophone Compact Steering Committee
“Through this partnership agreement, the Lusophone Compact Initiative intends to leverage ATIDI’s broader ability to support the private sector, using its innovative products to reduce reliance on sovereign guarantees and diversify their economies. “This aligns with the Compact’s efforts to create an enabling environment for private sector development.”
