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Ethiopia Joined African Trade Insurance Agency

Proclamation which allows Ethiopia to join African Trade Insurance Agency (ATIA) is promulgated by the House of Peoples’ Representative (HPR).

African Development Bank (ADB) extended 7.5 million USD for Ethiopia so that the nation can buy shares in 75 shares and join ATIA.

Other shareholders include Benin, Burundi, DRC, Kenya, Madagascar, Malawi, Rwanda, Tanzania, Uganda and Zambia. Recently ADB became a shareholder by funding countries to join ATIA.

Commenting on the development, Genet Taddese, Chairperson of HPR’s Budget and Finance Affairs Standing Committee, said joining the Agency would enable Ethiopia to offer political as well as trade credit risk insurance services for investors and foreign direct investment.

According to the Chairperson, ATIA will not affect Ethiopian insurance firms since it gives a different service from the local insurers. Joining the Agency is also in line with the National Bank of Ethiopia’s (NBE) financial regulations.
The Agency commenced service in 2001 having financial and technical support from the World Bank and seven African nations.

Source: Fana Broadcasting Corporate