- The African Trade & Investment Development Insurance’s (ATIDI) 24th Annual General Meetings (AGM) approves record results in 2023 despite volatile regional and global economic environment.
- The theme for this year’s AGM is “Empowering tomorrow, enabling investment”.
- AGM gathers large audience to discuss how to boost access to finance for public and private sector in Africa.
- ATIDI’s next AGM is scheduled to take place in Angola in 2025.
Livingstone, Zambia, 26 June 2024 – His Excellency Hakainde Hichilema, President of the Republic of Zambia, officially opened the African Trade & Investment Development Insurance’s (ATIDI) two-day 2024 Annual General Meeting (AGM) today. The AGM, held under the theme “Empowering tomorrow, enabling investment”, validated ATIDI’s results for 2023 and will hold an Investor Roundtable to discuss how to sustainably spur access to finance for sovereigns and private sector in Africa in the present global and regional economic environment.
Despite a lingering environment and significant geopolitical and economic challenges globally and in Africa, ATIDI posted record results in 2023, as reflected by the highlights below:
- Profit for the year increased by 205% to USD69.1 million;
- Insurance revenue grew by 14% to USD155.7 million;
- Gross exposures grew by 19% to USD9.6 Billion;
- Total assets grew by 27% to USD837.1 million;
- Equity grew by 25% to USD699.3 million; and
- Insurance revenue grew by 14% to USD155.7million.
In 2023, ATIDI pursued the implementation of its ambitious corporate strategic plan for the 2023 – 2027 period, which is geared at optimizing the organization’s governance processes and performance to strengthen its developmental impact. The organization notably put in place its new climate policy to complement its Environmental, Social and Governance (ESG) framework and help sustainably address the increasingly pressing challenge of climate change.
The multilateral development insurer also rolled out its new brand and grew its footprint in 2023. Indeed, during the year, Angola and Mali became Member States in the organization, while Japan’s Export Credit Agency, the Nippon Export and Investment Insurance (NEXI), joined ATIDI as an institutional shareholder. More recently, in early 2024, Burkina Faso and Chad became the latest joining Member States in the organization. The dynamic membership drive has been supported by ATIDI’s strategic partners, notably the African Development Bank (AfDB), the European Investment Bank (EIB) and KfW Development Bank. It also highlights the organization’s solid bond with regional bodies, namely the African Union, COMESA, ECOWAS and the West African Development Bank (BOAD).
The next AGM is scheduled to take place in Angola, in 2025.
Quote from Manuel Moses, Chief Executive Officer, ATIDI
“We are happy to report that 2023 has been the best financial performance in ATIDI’s history, and I would like to dedicate it to our committed Board of Directors, Management team and staff. This performance is all the more outstanding given our operating environment, which is marked by uncertainties, slow global economic recovery, tight financial conditions and geopolitical tensions. It is a testament to the soundness of our business fundamentals and strategy, our resilience and the quality of the risk-mitigating solutions we provide and lays a solid foundation for more rewarding years ahead.
As we look to maintain our performance, we will notably continue to work closely with our Member States to uphold our Preferred Creditor Status in order to support them in attracting much needed and affordable development finance. We will also pursue our efforts to strengthen our partnerships, optimize our processes and grow our footprint to further contribute to Africa’s economic emergence.”
About the African Trade & Investment Development Insurance
ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATIDI has supported USD85 billion worth of investments and cross border trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been revised to A3/Positive.
For more information: www.atidi.africa – Media registration link: https://www.atidi.africa/media-kit/
