AFRICAN DEVELOPMENT BANK IN $500M CREDIT INSURANCE DEAL

The African Development Bank (AFDB) and African Trade Insurance Agency (ATI) have announced the successful completion of a %500 million dollars Credit Insurance deal, structured to cover a portion of the Bank’s portfolio of non-sovereign operations in Africa. This transaction is expected to have an important demonstration effect to encourage similar institutions to invest more on the continent in the future.

While ATI will be the direct insurer facing the African Development Bank, the transaction involves the participation of a number of Lloyd’s & Company private reinsurers who will share the risk on African financial institutions. This vehicle will enable many insurance companies operating outside Africa to participate in the financing of development in Africa for the first time.

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