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Ethiopia joins African Trade Insurance Agency

Xinhua, October 20, 2016 Adjust font size:

Ethiopia on Wednesday joined the African Trade Insurance Agency (ATI), the continent's export credit agency after one year of negotiations.

ATI CEO George Otieno told a media briefing in Nairobi that Ethiopia's membership was made possible after it secured a 7.5 million U.S. dollars loan from African Development Bank (AfDB).

"Ethiopia membership will give investors crucial comfort to start or accelerate investments in one of Africa's fastest growing economies," he said.

According to the International Monetary Fund, Ethiopia's economy has been expanding on average by approximately 10 percent per annum over the past few years.

The CEO said Ethiopia's affiliation with ATI will help the Horn of Africa nation to attract prospective investors through guarantees to participate in the priority areas of powering, lighting, feeding and industrializing.

ATI, which was founded in 2001, offers investment, political and commercial risk insurance products to member states. With Ethiopia joining ATI, the organization now has a membership of 12 African countries mostly from Eastern and Southern Africa.

Ivory Coast is expected to become a member of ATI next month. Endit