KIGALI – Rwanda’s Prime Minister opened the African Trade and Investment Development Insurance’s (ATIDI) 2023 Annual General Meeting (AGM). The AGM, which gathers representatives of the multilaterals’ 21-member states and a few representatives from non-member shareholders, will validate its results for a challenging fiscal year 2022 – marked by massive headwinds stemming from health, political, economic and climate shocks across the globe.
The combination of the COVID-19 pandemic, its lingering economic impact, the Russia[1]Ukraine conflict and climate change has tested Africa’s resilience since 2020. The region’s economic growth slowed down to 3.6% from 4.1% in 2021, with a large number of countries struggling with debt vulnerability, inflation, fiscal consolidation and the disruption of value chains. Despite the challenging environment, several African countries, including ATIDI members Benin, Côte d’Ivoire, Kenya, Rwanda, Tanzania and Uganda, managed to sustain positive growth in 2022.
In 2022, ATIDI made several critical moves to optimize its business, improve its processes, its corporate as well as Social and Environmental governance and grew its footprint across Africa. The organization is in the process of implementing its 2023-2027 corporate strategic plan, geared towards strengthening its unique assets and gearing it for unprecedented growth. Lastly, ATIDI – formerly operating under the brand African Trade Insurance Agency (ATI) – unveiled its new brand identity, ATIDI – which portrays its evolution and its commitment to the role of Africa’s top development insurer and a catalyst of the continent’s development.
The AGM will validate ATIDI’s results in 2022, which up to 2021 had posted 11 consecutive years of steady profits and financial results. FY2021 Financial Indicators:
- Gross underwriting revenues of USD143.5 million, up 14% compared to the previous year;
- Underwriting profitability increased by 11% from USD29.8 million the previous year to USD33 million in 2021;
- Gross Exposures increased from USD6.3 billion as at the end of December 2020, to USD6.6 Billion as at 31 December 2021;
- Net Exposure and the Net Investment Income declined by 4% and by 37% respectively due to ATI’s risk management and declining yields in ATI’s international investment portfolio;
- 26% equity growth was recorded as ATI welcomed Cameroon and Senegal as shareholders. Additional capital was received from Togo and Benin, thus attaining USD516 Million in Total Capital as at 31 December 2021;
- The Annual General Meeting of Shareholders also approved the distribution of dividends of USD8.7 million.
ATIDI has grown from a small African start-up, operational in just seven countries in 2001, into a pan-African institution with 21 member countries, presence across Africa and a significant global reach. In April 2023, Angola became ATIDI’s latest and first Lusophone member state, while Japan’s Export Credit Agency, NEXI is the newest institutional shareholder, with USD14.8 million capital injection, having joined in June 2023. The organization continues to expand its continental footprint, thanks to support from its strategic development partners such as the African Development Bank (AfDB), the European Investment Bank (EIB) and the German Development Bank (KfW).
Dr. Uzziel Ndagijimana, Minister of Finance and Economic Planning – Republic of Rwanda and Chair of AGM noted:
“Rwanda pledges its continued support to ATIDI. Our country is a strong supporter of the pan-Africa agenda and thus believes that spreading the benefits of ATIDI’s solutions to a larger number of countries, delivers quicker results in our quest for growth and socio[1]economic development. We therefore commend ATIDI for its contribution to sustainable economic growth in the continent, in line with its mission of transforming Africa into a prime trade and investment destination.”
Dr. Yohnnes Birru, Chairman of the Board of Directors, ATI said “ATIDI would like to express its gratitude to the Government of Rwanda for hosting its 23rd AGM. Our organization is moving into the next 5-year cycle of its Corporate strategic plan, which is aligned with ATIDI’s vision, mission and values and is now aimed at orienting the organization towards a more Developmental, Transformational, Robust and Reliable role.”
Mr. Manuel Moses, Chief Executive Officer, ATI said “Our new identity and our new strapline – Re-thinking risk. Enabling finance- captures our unique approach, unparalleled and deep expertise of Africa and its markets and our tailored, specialist solutions, which allow us to help re-frame the very way risk in Africa is characterized. Our new identity matches our stature as one of Africa’s highest-rated financial institutions and most important multilateral.
