ATI closes US$238m financing agreement for health and transportation projects in Ghana

GHANA – The African Trade Insurance (ATI), a pan-African financial institution providing credit and political risk Insurance Products to support African investments, has announced the closing of two €203 million (US$238.8m) financing agreements social loans, to fund four health and two transportation projects in Ghana. The first transaction, a €55 million (US$64.7m) financing package, relates to the construction of two new Trauma hospitals in Obuasi and Anyinam districts, a new Accident and Emergency center at Enyiresi Hospital and the rehabilitation of Obuasi’s current outdated Health Center. Once completed, the four…

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Nkhotakota Solar Power Plant in Malawi gets US$67m backing from ATI to fill critical energy gap

MALAWI – The Nkhotakota Solar Power Plant, one of Malawi’s first commercial scale independent solar power projects, has received US$67 million from Africa Trade Insurance Agency and is expected to add a significant 37 MWac of clean energy to the national capacity, currently estimated at 362 MWac. The solar plant, which is being developed in two phases of 21 MWac and 16 MWac, is the second renewable energy project to be backed by the African Trade Insurance Agency’s (ATI), Regional Liquidity Support Facility (RLSF). ATI, through the RLSF, is providing…

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ATI appoints Manuel Moses as the CEO alongside other appointments

AFRICA – African Trade Insurance Agency (ATI) has appointed Mr. Manuel Moses, a veteran of the World Bank’s IFC, as the new Chief Executive Officer based on the Board’s recommendation. He will assume office on 1 November 2020. Mr. Moses is a Zimbabwean national, who brings 15 years of experience from the IFC, where he most recently held the post of Country Manager of Kenya. He holds an MBA from the University of Leicester in the UK and a BSc in Civil Engineering from the University of Zimbabwe. In the…

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Swiss insurance firm buys minority stake in African Trade Insurance for US$10m

KENYA – Swiss insurance firm Chubb has bought a 3.5 percent stake in Nairobi-based underwriter African Trade Insurance Agency (ATI) for US$10 million (KSh1 billion). Chubb is the first global property and casualty insurance company to become a shareholder in ATI which issues covers against credit and political risks in Africa. It joins ATI’s list of shareholders including governments, multilateral organisations and companies like Kenya Re which acquired a 0.37 percent stake for US$1 million (KSh100 million). The transaction gives ATI new capital injection and offers Chubb an opportunity to…

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