Fidelity bank card banner Camano banner
African Development Bank approves US$14.12 million to support Nigeria’s membership in African Trade Insurance Agency

By News Express on 09/01/2019

Views: 400


The African Development Bank Group, through its Trade Finance operations, has approved a US$14.12 million facility to support the Federal Republic of Nigeria’s membership in the African Trade Insurance Agency (ATI). This is a critical and mandatory step to enable ATI commence its operations in Nigeria. Nigeria, as Africa’s largest economy, joins 14 other African countries that have already signed up to ATI membership.

Once membership formalities in ATI are finalised, Nigeria could benefit from gross political and commercial risk insurance cover on total investments and trade amounting to over US$5 billion by 2020. The catalytic effect of using limited financial resources in this way is undoubtedly massive.

The approved facility complements ongoing and planned interventions geared at building institutional capacity and improving the resilience of the Nigerian economy. Joining ATI will enable Nigeria to leverage its position to mobilise additional resources to finance trade, especially importation of essential goods such as medicines and communications equipment, to rehabilitate basic infrastructure and strengthen the country’s productive sector.

ATI’s mandate is to provide medium to long term credit and political risk insurance, as well as other risk mitigation products to its member countries and related public and private sector actors.

These products directly encourage and facilitate foreign direct investment as well as local private sector investment in regional member countries and intra- and extra-African trade. ATI catalyses private sector investments in infrastructure projects, thereby promoting economic integration of participating countries into regional markets.

This financing aligns with four of the Bank’s High 5 priorities, namely:  Light Up and Power Africa, Industrialize Africa, Feed Africa and Integrate Africa. As a trade finance facilitation initiative, this financing will support operations that are crosscutting and multi-sectoral in nature and will have an impact on agribusiness, infrastructure development, electricity generation, telecommunications and manufacturing.

According to the Director of the Financial Sector Department, Stefan Nalletamby, “The Bank seeks to achieve its ambitious development mandate by working with and through other strategic partners, and where possible, by supporting the development of strong and viable African institutions such as ATI. This financing scales up the work of ATI by supporting the beneficiary RMCs to become members.”

 

 

Source News Express

Posted 09/01/2019 04:52:53 AM

 

 

CLASSIFIED ADS

 

You may also like...
Biafra Day: IPOB storms Onitsha, orders sit-at-home

Okowa seeks support for less privileged

FG unfolds plan to create Special Force to...

INEC succeeds in Edo, falters in Delta

Dino Melaye cries out: Kogi Gov plans to...

Taraba moves to check spread of Lassa fever...

Police storms Lagos shrine, nabs 3 OPC members...

Nigeria spends $1.2bn on milk importation annually ―...

Wike is a pathological liar, despot — Dakuku...

Royal father kills 2 kidnappers, injures others

Army dismisses reports about Chief of Staff

Woman, 3 children killed in Lagos church

 

Latest News Boko Haram governs Borno communities, collects taxes – Arch Bishop Over 100 persons jostle for commissioners in Kano Four charged with murder over plane crash that claimed 298 lives Disquiet over Ijaw elections, threats of parallel EXCO Boko Haram fuel and drug suppliers nabbed in Adamawa Ogun: Tribunal suspends sitting over threat to lives of witnesses Man steals grandma’s underwear in Ekiti after being promised N2, 000 First Bank manager arraigned for allegedly stealing N52.6m Two 14-year-old boys found guilty of murdering schoolgirl Submit fake document, face wrath of law, NYSC boss warns Corps members Anti-party activities: Ex-Gov Yari rejects APC’s committee report 14 injured as lightning strikes military base

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (494,992 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,770 views) Shameless Genevieve Nnaji exposes breasts in public (365,637 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (312,234 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (276,492 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (244,174 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (234,199 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (216,084 views) 10 cars more expensive than Jets (213,201 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,651 views) Lagos plane crash: Journalist releases victims’ names (184,700 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (184,004 views)

 

NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (94) Business & Economy (4,316) Business Verdict (74) Columnists (1,052) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (624) Features (762) Global Business Monitor (379) ICT Monitor (53) International (3,606) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (305) News (47,524) Opinion (1,262) Pidgin (17) Politics (11,038) Religion (1,026) Sports (2,045) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera