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African Development Bank sponsors Nigeria for African Trade Insurance Agency

Thursday 10 January 2019 08:22 CET | News

The African Development Bank Group has approved a USD 14.12 mln facility to support Nigeria’s membership in the African Trade Insurance Agency.

Joining ATI will enable Nigeria to leverage its position to mobilise additional resources to finance trade, especially importation of essential goods such as medicines and communications equipment, to rehabilitate basic infrastructure and strengthen the country’s productive sector.

ATI’s mandate is to provide medium to long term credit and political risk insurance, as well as other risk mitigation products to its member countries and related public and private sector actors.

These products directly encourage foreign direct investment as well as local private sector investment in regional member countries and intra- and extra-African trade. ATI catalyses private sector investments in infrastructure projects, thereby promoting economic integration of participating countries into regional markets.


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Keywords: African Development Bank, African Trade Insurance Agency, Nigeria, trade finance, financing,
Categories:
Countries: World