The African Trade and Investment Development Insurance (ATIDI) plans to double its capital to $2 billion over the next \u200btwo years, its chief executive told Reuters, as African leaders \u200clook to a new financing model for the hundreds of billions of dollars needed for infrastructure investment on the continent.<\/p>\n
“Our ambition is to get to $2 billion \u200bwhat limits us is capital,” Manuel Moses told Reuters, adding \u200bthe process depended on securing new shareholders but would \u2060likely take roughly two years. “We want to do it as soon \u200bas possible.”<\/p>\n
Talks are ongoing with France, other G7 nations and about \u200b30 African nations who have not yet joined, Moses said.
\n“We have to convince these countries, these partners to speed up their processes,” he said.<\/p>\n
Nairobi-based ATIDI was \u200bset up 25 years ago to de-risk investment in Africa \u200bthrough insurance and guarantees to help channel private capital into riskier projects.
\nIt is owned \u200cby \u206024 African states and institutional investors, including African financial firms and Germany\u2019s KfW Development Bank, which joined in April.<\/p>\n
The African Development Bank (AfDB), which is leading the continent’s new financing model, raised its stake in \u200bATIDI to 14% \u200bearlier this \u2060year from 3%, injecting $125 million.<\/p>\n
The AfDB’s President told Reuters in May that ATIDI’s increased firepower will enable it \u200bto increase its annual guarantee volumes to $10 billion.<\/p>\n
Moses said \u200bdoubling \u2060capital would allow it to increase annual guarantee volume to $20 billion.<\/p>\n
ATIDI has so far provided guarantees for projects including a modern railway in \u2060Tanzania and \u200bKenyan telecoms operator Safaricom’s expansion into \u200bneighbouring Ethiopia.<\/p>\n
It has also enabled African countries to cut expensive debt through swaps and \u200bsustainability-linked facilities.<\/p>\n
\u2014Reuters\u2014<\/p>\n","protected":false},"featured_media":21130,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news-type":[44],"class_list":["post-41794","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Nairobi-based ATIDI was \u200bset up 25 years ago to de-risk investment in Africa \u200bthrough insurance and guarantees to help channel private capital into riskier projects.","published_date":"","news_description":"Nairobi-based ATIDI was \u200bset up 25 years ago to de-risk investment in Africa \u200bthrough insurance and guarantees to help channel private capital into riskier projects.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/41794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/41794\/revisions"}],"predecessor-version":[{"id":41796,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/41794\/revisions\/41796"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/21130"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=41794"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=41794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}