The Government of Togo has announced the
completion of the country’s membership in the African Trade Insurance
Agency (ATI), becoming the 18th African sovereign shareholder.
According to a statement, Togo’s
membership, backed by the European Investment Bank, reflects a
trend
that has seen a record number of West African countries join Africa’s
multilateral guarantee agency with Ghana, Niger and Nigeria all
completing membership in the last nine months.
This trend was expected to continue as countries seek support to ensure investment and trade flows on the continent.
“As we ready ourselves to manage the
economic fall-out from the Corona virus, African governments are focused
on mitigating the short and long-term impacts. Insurance capacity is an
important aspect of our ability to rebuild and to ensure that critical
projects receive the funding and guarantee support they require.
“We see membership in ATI as a necessary
component in our ability to shore up the economy and to weather this
storm,” the country’s Minister of Economy and Finance, Hon. Sani Yaya
said.
“The membership of Togo pushes ATI one
step closer to achieving full pan-African membership from countries from
coast to coast. The COVID-19 crisis increases the relevance of African
development finance institutions such as ATI.
“As the world struggles to get a handle on this fast moving pandemic,
the combined resources of African institutions will be needed to
effectively counter this newest threat to Africa’s development,” said
John Lentaigne, Acting CEO of the African Trade Insurance Agency.
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