The African Trade Insurance Agency (ATI) has opened a representative office in Kigali to grow its business in energy, ICT, infrastructure and transport sectors.
ATI’s new office hopes to help local banks and international investors seeking opportunities in the region.
The offices were officially opened on the 16th Annual General Meeting of African Trade Insurance Agency that took place today in Kigali.
Gracing the ceremony, Prime Minister Anastase Murekezi said that it’s a great pleasure for Rwanda to host the Annual General Meeting of ATI for the second time. “It shows good relationship between ATI and Rwanda” he said.
Since its establishment in 2001, the aim of ATI has been to help African States attract investments and facilitate trade on the Continent which is boosting growth in terms of total assets and capitalization.
So far, ATI credit investment and insurance has extended Rwanda made companies, “To date, ATI’s portfolio of insured business, representing trade and investment transactions that are ongoing, stand at US$ 1.7b” Anastase said.
“As of end December 2015, total assets of insurance sector increased by 12% to FRW 306b from 272 billion of end December 2014’, He added.
Rwanda’s economy continues to impress with annual real GDP growth rates averaging 8% for over a decade. The African Trade Insurance Agency (ATI) has played a role in this success by supporting trade and investments.
Announcing the company’s 2015 results during its 16th Annual General Meeting, ATI urged banks to take advantage of its products to help more local companies’ access critical financing and credit facilities. ATI noted a $1.7 billion (1.3 trillion francs) volume of untapped business in its pipeline for Rwanda.
The ATI office in Kigali is supported by a grant from the USAID Competitiveness and Trade Expansion Program which works to address trade constraints while promoting opportunities for African companies to increase their trade with the US and global markets.
The Rwanda office is ATI’s fourth local office, joining Tanzania, Uganda and Zambia/Malawi. As part of its broader expansion strategy, ATI plans additional office launches in West Africa in the next two years.