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Browsing: BITA water project
- Angola has become Africa Trade Insurance Agency’s (ATI) 21st member state by paying $25 million in capital subscription fees.
- ATI’s gross exposure in Angola currently stands at $467 million.
- The membership was funded the Angolan National Treasury and proceeds from the landmark BITA water project.
Oil-rich Angola has become the 21st African member state joining pan-African insurer, Africa Trade Insurance Agency (ATI) after paying $25 million in subscription fees. The deal will also see Angola become first Lusophone member country in the underwriter.
ATI was established in 2001 by seven Comesa countries and with technical and financial backing of the World Bank. The agency’s core mandate is to provide insurance against political and commercial risks. This is considered necessary in order to attract foreign direct investments across member states.
Luanda’s membership was funded by the Angolan National Treasury resources and proceeds from the landmark BITA water project. BITA …