By MIKE OMUODO

African Trade & Investment Development Insurance (ATIDI) and African Solidarity Fund (ASF) have signed a framework cooperation agreement, paving the way for further strategic collaboration to promote economic development and mitigate the risks associated with investment and trade in Africa. 

The agreement signed on the sidelines of the Africa Investment Forum 2024 (AIF 2024) held in Rabat –Morocco last week, provides a framework for cooperation in support of infrastructure and economic development projects in member states belonging to both institutions (Benin, Burkina Faso, Burundi, Chad, Côte d'Ivoire, Mali, Niger, Rwanda, Senegal and Togo), and also helps mitigate risk for investors, corporates and lenders looking to invest in Africa.

Commenting on the deal, ASF Managing Director Mr. Abdourahmane Diallo said the marked an important milestone in promoting sustainable development in Africa.

“We are joining forces to drive investment and encourage economic growth across the continent, while ensuring a secure environment for investors,” Mr. Diallo said.

ATIDI CEO Manuel Moses, on his part noted that the partnership presented the Company with an opportunity to strengthen its range of practical financial solutions designed to meet Africa's economic challenges, including by mitigating the risks that often hinder trade & investment.

“It also reflects the need for multilateral institutions to work together to facilitate access to development financing for our continent. Together, we will help create a prosperous future for member states and African businesses," Mr. Manuel added. 

The main objectives of this partnership include marketing of both organizations' risk mitigation solutions for commercial and investment transactions; supporting the development of renewable energy sources and infrastructure within the framework of the African Continental Free Trade Area (ACFTA); and developing professional skills and improving the business environment in Africa.

The agreement represents a turning point for both institutions, which are committed to co-ordinating their efforts to boost intra-African trade, encourage investment in projects with strategic impact, and promote economic development across the continent.

The African Solidarity Fund (ASF) is a pan-African financial institution headquartered in Niamey, Niger. It became operational in September 1979, and its mandate is to contribute to the economic development and social progress of its African member states by facilitating, through its various methods of intervention, access to the financial resources required for investment projects and other income-generating activities. The ASF currently has twenty-three (29) Regional Member States in seven (7) of the eight (8) African Regional Economic Communities (RECs) (EAC, ECOWAS, ECCAS, CEN-SAD, COMESA, SADC and AMU). www.fondsolidariteafricain.org

ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATIDI has supported USD85 billion worth of investments and cross border trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been revised to A3/Positive. www.atidi.africa