World Bank agency, insurer in bid to boost investments in Africa

ATIDI chief executive Manuel Moses. [@ATI_ACA, X]

The African Trade and Investment Development Insurance (ATIDI) and the Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, have signed a three-year partnership to accelerate foreign direct investment across Africa.

This is the second agreement between the two organisations, aimed at maximising the impact of development across the continent.

The two entities will collaborate by leveraging ATIDI’s expertise in insurance and guarantee products across Africa as well as MIGA’s range of guarantee solutions and expertise through the World Bank Group guarantee platform.

The partnership will also seek to improve joint project due diligence efficiency, maximising cost savings and eliminating duplication.

“Enabling more investment to finance transformational projects is vital to Africa’s sustained development. MIGA and ATIDI’s de-risking solutions are essential to achieve this crucial agenda,” said ATIDI chief executive Manuel Moses.

The agreement framework emphasizes mutual reliance, accountability, and comparability.

Each party will regularly share operating standards and procedures to help identify comparable outcomes to further both organisations’ development mandates.

“Our partnership with ATIDI will enable us to support countries in Africa in scaling and replicating development projects, thereby accelerating prosperity. This agreement will play a significant role in helping the continent attract foreign investment for key development projects,” said MIGA Executive Vice President Hiroshi Matano, 

Both organisations have agreed to set up mechanisms to measure progress and results, including reports on joint projects, new products, capital mobilised, and reduced project processing times.

The two entities will also carry out joint marketing efforts, training, and seminars to strengthen cooperation and explore new investment opportunities in Africa. 

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