- Angola becomes 21st Member State and also the 1st Lusophone Member State of ATI, with a capital subscription of USD25 million.
- The membership funding was contributed from proceeds of the landmark BITA water project, a strategic public investment for the construction of a water project and the Government of Angola’s National Treasury.
- Angola has proven to be a trend setter, as it is the first time an African government has directly funded its membership in ATI, a clear demonstration of its commitment to diversify its economy through ATI’s trade and investment risk mitigation solutions.
- ATI has grown from a small African start-up, operational in just seven countries in 2001, into a pan-African institution with presence across Africa and with a significant global reach. The multilateral insurer is in the process of a brand refresh and will unveil its new identity in July 2023 during its AGM.
ATI is honored to welcome the Republic of Angola as its 21st African Member State and 1st Lusophone Member State, with a subscribed capital contribution of USD25 million. The membership funding was achieved thanks to the Government’s National Treasury resources and proceeds from the landmark BITA water project, a strategic public investment for the construction of infrastructure for the treatment, supply and storage of drinking water that will benefit 2.5 million people in Angola.
Under this one of a kind blended finance and guarantee innovative structure, the Republic of Angola – along with the lenders covered by ATI under the transaction – agreed for the use of proceeds under the syndicated loan to also include the financing for the purpose of Angola becoming a member of ATI. ATI provided guarantee and insurance support for this World Bank’s partially guaranteed facility to the Government of Angola for the expansion and improvement of water supply service in the urban and peri-urban belts of Luanda.
ATI’s gross exposure in Angola, the largest country in Southern Africa Region, currently stands at USD418M mainly in construction, energy & gas, trade & transport, water supply and wholesale & retail sectors, with transactions valued at USD1.4B. This development was made possible thanks to ATI’s pan African mandate that allows ATI to cover transactions in Angola and beyond, despite ATI non-membership. Now that Angola is a fully-fledged shareholder of ATI, the country can fully access more of ATI’s guarantee solutions to attract more Foreign Direct Investments and boost its internal and external trade across the region.
Angola’s economy is mainly driven by its oil sector but the country seeks to pursue new growth models for economic diversification through the agricultural sector and private sector development. With ATI’s support, Angola is on the path to fiscal consolidation, gradual reduction of the debt burden, increase in public and private investment, in order to resume the ascending curve of sustainable and inclusive economic growth as well as human development.
ATI has grown from a small African start-up, operational in just seven countries in 2001, into a pan-African institution with presence across Africa and with a significant global reach. The multilateral insurer will unveil its new brand in July, during its AGM. The new brand will provide a better fit to its growing stature as the largest provider of investment and trade credit insurance on the continent with the ultimate goal of accelerating its impact on Africa’s development.
Quote from Manuel Moses, CEO, ATI
We are happy to support Angola in its quest to economic diversification and becoming an agricultural powerhouse on the African continent. Angola’s membership is timely as ATI’s risk mitigation and credit enhancement services will act as a catalyst for strengthening and diversifying Angola’s economy, supporting both increased investment, exports and trade under Africa’s continental framework of the AfCFTA.
