The African Development Bank (AfDB) Group had extended USD 30 million soft loan to Ethiopia, Benin and Côte d’Ivoire for the purpose of membership subscriptions in the African Trade Insurance Agency (ATI).

According to AfDB, for ATI to start its operations in these countries, subscription fee is a prerequisite.
Of the soft loan, Ethiopia will get USD 7.50 million and Côte d’Ivoire USD 15.0 million.

The ATI serves medium to long term credit and political risk insurance, as well as other mitigation products to the Bank’s Regional Member Countries (RMCs) and related public and private sectors.

The service ATI provides enhances and smoothes foreign direct investment (FDI) and both intra and extra African trade via Trade Finance Facilitation.

ATI Prompts private sector investment in infrastructure projects thus, boosts the economic integration of participating RMCs into regional markets.

Source: The Daily Monitor