Accelerating Investment for Africa’s Development
The African Trade & Investment Development Insurance (ATIDI) and the Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, have entered into a three-year partnership designed to accelerate foreign direct investment (FDI) across Africa. This marks the second collaboration between the two organizations, reinforcing their shared commitment to driving impactful development on the continent.
Leveraging Combined Expertise to Drive Development
The collaboration will capitalize on ATIDI’s in-depth knowledge of insurance and guarantee products across Africa, coupled with MIGA’s extensive range of guarantee solutions available through the World Bank’s platform. By combining their strengths, the two organizations aim to improve efficiency in conducting due diligence on joint projects, reduce costs, and eliminate redundant processes.
Manuel Moses, CEO of ATIDI, highlighted the importance of the partnership in promoting investment, stating, “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. Beyond signing this agreement, we look forward to dynamic collaboration with MIGA to leverage our institutions’ respective assets for the benefit of our continent.”
Fostering Accountability and Efficiency
The partnership will focus on shared accountability and the alignment of operating standards. Both parties will regularly exchange best practices and procedural guidelines to ensure comparability in project outcomes, furthering their development mandates.
Hiroshi Matano, Executive Vice President of MIGA, emphasized the potential of the partnership, saying, “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.”
Driving Sustainable Growth and Monitoring Progress
To ensure the effectiveness of the partnership, ATIDI and MIGA have agreed to implement robust mechanisms for tracking progress. These include regular reporting on joint projects, newly developed products, capital mobilized, and improvements in project processing times. In addition, the two organizations will engage in joint marketing initiatives, training sessions, and seminars to strengthen collaboration and explore new investment opportunities in Africa.
A Vision for a Prosperous, Sustainable Africa
The strategic partnership between ATIDI and MIGA is founded on a mutual commitment to fostering sustainable economic growth and reducing poverty across Africa. By pooling their resources, the two organizations aim to mitigate investment risks, ultimately accelerating foreign investment and promoting transformative development projects across the continent.
For further inquiries, please contact:
Mike Omuodo | Media Fast PR| Tel: +254 736 014 596| Email: mike.omuodo@mediafast.co.ke |
