Ratio Magazine :: The Inside Track to East Africa’s Economies - Africa Agenda: Press Releases: SACE Invests USD10m in Africa Trade Insurance Agency (ATI)

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Africa Agenda: Press Releases: SACE Invests USD10m in Africa Trade Insurance Agency (ATI)

Thursday, 23 July 2009

Rome/Nairobi, 17 July 2009 --- SACE, the leading Italian provider of credit management, and the African Trade Insurance Agency (ATI) have announced the successful completion of a USD10m investment in ATI.

The equity investment aims to reinforce the respective missions in Africa. SACE’s investment will support ATI in fostering sustainable growth in Africa and ATI will reinforce SACE’s support to Italian exporters and investors. By teaming up with ATI, SACE will access:

its expansive network in Sub-Saharan Africa;
its Preferential Creditor Status (“De Jure”) for political risk coverage in its member states;
risk sharing/participation to support export credit transactions that provide cover for Italian companies.

“This investment” explained Raoul Ascari, SACE’s Chief Operating Officer, “is another step forward to reinforce our presence in Sub-Saharan Africa, where we are already strongly committed through the Africa Programme and a direct office presence in Johannesburg. The partnership with ATI will allow us to develop new business and will provide a valuable risk-sharing platform. Our objective to support the presence of Italian companies in the continent through sustainable transactions will be greatly enhanced as a result.”

Stewart Kinloch, Acting Chief Executive Officer of ATI, commented: “ATI is delighted to welcome SACE into membership. Italian companies play an important role on the African continent and this historic milestone reflects the will of both SACE and the Italian government to further strengthen and support these investments and trade flows.”

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