MIGA and ATIDI to Streamline Investments in Africa
WASHINGTON, October 14, 2024 –The Multilateral Investment Guarantee Agency (MIGA), part of World Bank Group Guarantees, and African Trade & Investment Development Insurance (ATIDI), a pan-African multilateral financial institution headquartered in Kenya, have signed a three-year partnership to accelerate foreign direct investment across Africa. This is the second agreement between the two organizations aimed at maximizing development impact.
The organizations will collaborate by leveraging MIGA’s range of guarantee solutions and guarantee expertise through the World Bank Group guarantee platform, along with ATIDI’s expertise in insurance and guarantee products across the African continent. The partnership will also seek to improve efficiency in joint project due diligence, maximizing cost savings and eliminating duplication.
“Our partnership with ATIDI will enable us to support countries in Africa in scaling and replicating development projects, thereby accelerating prosperity,” said Hiroshi Matano, MIGA Executive Vice President. “This agreement will play a significant role in helping the continent attract foreign investment for key development projects, thereby accelerating prosperity and helping create new jobs.”
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 organizations’ development mandates.
“Enabling more investment to finance transformational projects is vital to Africa’s sustained development. MIGA’s and ATIDI’s de-risking solutions are essential to achieve this crucial agenda,” said Manuel Moses, CEO of ATIDI. “Beyond the signing of this agreement, we look forward to a dynamic collaboration with MIGA, to leverage our institutions’ respective assets for the benefit of our continent.”
Both organizations have agreed to set up mechanisms to measure progress and results, including reports on joint projects, new products, capital mobilized, and reduced project processing times. Moreover, both parties will carry out joint marketing efforts, training, and seminars to strengthen cooperations and explore new investment opportunities in Africa.
The strategic agreement framework underscores the commitment of MIGA and ATIDI to create a world free of poverty on a livable planet. By pooling resources, the two organizations aim to mitigate investment risks, thereby accelerating sustainable economic growth in Africa.
About ATIDI
ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and Surety Insurance. Since inception, ATIDI has supported $85 billion worth of investments and cross border trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been upgraded to A2/Positive. www.atidi.africa
About World Bank Group Guarantees
Initiated in 2024, World Bank Group Guarantees consolidates all guarantee products and experts from across the World Bank Group institutions at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the WBG’s annual guarantee issuance to $20 billion by 2030.
For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees
Stay updated and follow us at https://twitter.com/MIGA and https://www.linkedin.com/company/wb-miga
Contact:
In Washington: Elizabeth Howton, (202) 458-5922 or ehowton@worldbankgroup.org