" ITREALMS: Uncertainty, threats to African economy – ATI

Thursday, May 11, 2017

Uncertainty, threats to African economy – ATI

The level of uncertainty on the continent is hampering the flow of the Foreign Direct Investment, so says the African Trade Insurance Agency (ATI), reports ITRealms.

ATI, ITRealms recalls was founded in 2001 by African States to cover the trade and investment risks of companies doing businesses on the continent, thus providing political risk, surety bonds, trade credit insurance and political violence and terrorism as well as sabotage cover among others.

According to ATI in a press statement made available to ITRealms and endorsed by Sherry Kennedy, for African governments, part of what is at stake are much needed foreign direct investments and access to affordable financing necessary to spur development and, specifically, to close the estimated USD900 billion infrastructure gap.

Kennedy noted that at a recent roundtable in Nairobi, Ministers from across Africa sat together with investors and the private sector to determine how best to tackle the investment and credit risk hurdles in order to make African risks bankable, stressing that it came at a time of geopolitical uncertainties which, according to the World Bank, could lead to “higher borrowing costs or cut off capital flows to emerging and frontier markets”.

Equally, ATI highlighted that the private sector stands to lose billions of dollars in lost opportunities if the requirements for a favourable investment environment are not adequately addressed.

The roundtable was part of the Annual General Meeting of ATI, and witnessed open remarks from the President of Benin, H.E. Patrice Talon.

Ayo Midele/GEE with additional reports from APO
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