Project: Credit Finance Facility for Petroleum Imports

A regional development bank set up a short term credit finance facility to support Malawi’s petroleum imports industry. The facility provides the Malawi-based importer with access to foreign currency while ATI’s insurance protects the bank against payment default by the importer in the event they are unable to convert local currency into the foreign currency of the loan.

Weak tobacco harvests have tended to decrease weaken the country’s foreign currency holdings resulting in some payment delays and defaults. With this initiative, ATI is assisting Malawi to overcome an obstacle to economic development while the country works to diversify sources of foreign currency.

Maximum Sum Insured: $50 million