The African Trade Insurance Agency, (ATIDI) has urged an uptake in development insurance to catalyze projects and drive sustainable growth across the continent.
According to ATIDI Chief Executive Officer Manuel Moses, they are keen on the crucial role of insurance in mitigating risks and attracting foreign direct investment (FDI) to Kenya and the rest of the continent.
“ATIDI is at the center of the solution to Africa’s development agenda. Our unique risk-mitigating solutions are essential to enable transformational projects benefiting African countries and their citizens,” he said.
He emphasized their vital role in mitigating political, currency, and credit risks, thereby encouraging investors to engage in crucial infrastructure projects, such as energy, transportation, and telecommunications.
By providing crucial safeguards, the development insurer fosters a more stable and predictable investment environment, for investors attracting much-needed capital to the continent.
“Investing in Africa comes with inherent risks, including political volatility, currency fluctuations, and potential for unforeseen events,” Stated, Anthony Ehimare, Chief Risk Officer at ATIDI.
“ATIDI’s role is to mitigate these risks, providing investors with the confidence they need to engage in transformative projects across Africa,” he added.
According to ATIDI Chief Underwriting Officer Benjamin Mugisha, they are keen to facilitate the privatization of state-owned enterprises in Kenya.
He said the firm will leverage experience in handling similar services other countries such as Angola which has privatized some state enterprises.
This comes as 35 state corporations are earmarked for sale and have already begun the process of selling off stakes worth between 35pc and 100pc of 11 companies in the first batch, this in a bid to attract investors and grow the private sector.
Since its inception, ATIDI says it has supported over $85 billion worth of investments across the continent, demonstrating its effectiveness in de-risking projects and facilitating economic growth.
The agency plans to expand its product offerings and strengthen partnerships with key stakeholders to further enhance its impact.