March 28, 2003
Since the commencement of commercial operations in April 2002, ATI has been providing both political risk cover (in partnership with Lloyd’s of London) on cross-border business transactions involving its African Member States and trade credit insurance against insolvency on a whole turnover or multibuyer basis (in partnership with Gerling NCM Group) involving businesses within its African Member States.
The nature of business enquiries received, findings of market surveys and specific requests from its Member Countries for support to public buyers (parastatals) have made it necessary for ATI to expand its product base by launching additional products tailored for the identified market needs and developmental objectives of its Member Countries as follows:
Non-payment cover for public buyers which would effectively act as full contract frustration cover. This new product targets business transactions involving government owned or controlled corporate entities engaged in areas such as telecommunications, railways, commodity trading, management of ports and inland waterways, manufacturing, tourism, etc but excludes non-corporate government entities such as Ministries and/or departments.
Confiscation cover for tangible assets (CEND) in its traditional sense;
Foreign Direct Investment Insurance (CEN) for intangible assets for periods in excess of three years with special attention to small and medium size foreign direct investment transactions;
War and terrorism physical damage; and
Working capital finance guarantees and bond support guarantees for import and export transactions.
These new products are expected to provide the private sector with additional support necessary for increasing business dealings with Africa. ATI’s full product range now offers a comprehensive approach in supporting Africa related business transactions.
The capital and technical support to ATI from the World Bank and ATI Member States for the ATI Scheme and the expanded product base remains strong and so is the commitment of Lloyd’s of London and Gerling NCM Group on the same.
We look forward to being of business service to you in the near future.
Bernard de Haldevang