KENYA – Cameroon has joined African Trade Insurance Agency (ATI) as the 19th African Member State with a subscribed capital contribution of US$13.12 million from the financial support of the European Investment Bank (EIB).
Cameroon’s membership in ATI will enable the Central African nation to benefit from ATI’s Guarantees to support increased exports, attract more foreign direct investments, and boost regional and international trade.
ATI’s membership drive is supported by EIB, which to date has provided a combined US$110 million in concessional lending for the membership expansion of ATI in Central and West African States.
Whereas ATI’s risk mitigation and credit enhancement tools act as catalysts for the strengthening and diversification of the country’s economy, the Government of Cameroon will also be in a position to access a viable option to help in its quest to rein in debt levels.
Membership in ATI has come at the opportune time as it is aligned with Cameroon’s national development strategy 2020 – 2030 (NDS30), whose objectives include becoming an emerging country with enhanced exports and opening up of local markets to foreign direct investments.
ATI’s existing pipeline of solid projects, mainly in the financial and manufacturing sectors, will provide a good foundation for the realization of the country’s national development strategy (NDS30).
ATI has covered several of the flagship projects that are identified as core to the national strategic plans in Africa and these projects are key to boosting socio-economic development and generating Foreign Direct Investments inflows.
ATI expects to continue playing a pivotal role in the implementation of these flagship projects in the continent.
On behalf of the Government of Cameroon, Mr. Sylvester Moh Tangongho, Director General of Treasury, Monetary and Financial Cooperation of the Ministry of Finance said: “Cameroon is delighted, thanks to the concretization of its partnership with the EIB, to officially join the shareholding of ATI. It is an important event for our country, which is resolutely turned towards the appeal and support of national and foreign investors. ATI offers us additional guarantees in this regard. This being the case, we are counting on ATI, by popularizing its services, to interest both our government, the entire network of insurers based in Cameroon, as well as investors, in the real added value that this membership offers them.”
On his part, Manuel Moses, CEO of ATI noted that: “We thank the government of Cameroon for its commitment to ATI, which marks a welcome expansion in the Central African Region. We applaud this strong vote of confidence and look forward to working closely with the government and the private sector to identify priority projects and offer our robust risk mitigation solutions for Cameroon’s post-pandemic economic recovery and development financing initiatives. We also thank the European Investment Bank for its continuous support.”
On the other hand, Thomas Östros, Vice President of the European Investment Bank, commented that: “Unlocking investment and facilitating trade is crucial for economic development and strengthening resilience to the diverse health, business and social challenges posed by the COVID-19 pandemic. The European Investment Bank is pleased to support Cameroon’s membership of ATI that will allow the country to benefit from investment insurance essential for sustainable growth in the years ahead. As the EU Bank, the European Investment Bank is committed to supporting the private sector and sustainable infrastructure development across Africa through close cooperation with African and European partners. This new joint engagement in Cameroon builds on the close cooperation between ATI and EIB across the continent.”
ATI’s membership drive is partly supported by the European Investment Bank, which to date has provided a combined US$57.5 Million in concessional lending for the membership subscription of Benin, Cameroon, Niger and Togo.