ATI’s recent 20th Annual General Meeting approved new shareholders that will contribute significantly to its capital base
NAIROBI, 22 July, 2020 – The African Trade Insurance Agency (ATI) concluded its 20th Annual General Meeting (AGM) on the 17th July. The virtual meeting, which attracted a record number of countries, approved key decisions supporting the institution’s global expansion. The AGM also adopted ATI’s 2019 annual accounts, which saw the institution achieve another year of record performance with a net profit of US$27.7 million, a Return on Capital (ROC) exceeding 10% for the first time, and a Gross Exposure of US$6.4 billion.
The record number of government participants in the meeting highlights the recognition by African countries of ATI’s role in helping attract trade and investments. H.E. Dr. Mohamed Maait, Egypt’s Minister of Finance noted the economic, trade and finance benefits that ATI brings to its member states. He commented that Egypt, the previous Chair of the African Union, is committed to supporting African institutions and is focused on completing its membership in ATI. H.E. In addition, Dr. Issa Doubragne, Minister of Economy and Development Planning, participated for the first time in ATI’s General Meeting on behalf of the Republic of Chad, an imminent member state. During the meeting, other countries also re-affirmed their commitment to fast-track their membership processes.
Five countries are expected to become fully-fledged members within the next six to eighteen months, while an existing member state indicated its intention to increase its capital contribution. These countries will cumulatively benefit from US$91 million in financial support from the African Development Bank and the European Investment Bank.
Furthermore, the General Meeting approved three new membership applications worth US$47 million including a submission from an AAA-rated non-African country, demonstrating ATI’s ability to mobilize international support to implement its development mandate and support African countries’ recovery from the economic effects of the COVID-19 global pandemic.