OTTAWA, Canada and NAIROBI, Kenya, Nov. 29, 2012 /CNW/ - The African Trade Insurance Agency (ATI) and Export Development Canada (EDC) today announced an agreement to work together more closely in the future towards creating new trade opportunities between Canada and ATI member states.
The Memorandum of Understanding (MOU) aims to provide financial -products and services to facilitate trade and foreign direct investment between Africa and Canada.
"ATI's preferential position and knowledge in some of the more challenging African markets makes them a partner of choice for EDC in transactions involving both private and sovereign risk," said Patricia Bentolila, Chief Representative, Africa, EDC.
"Africa holds many markets whose significant potential matches up very well with Canadian expertise that can help African companies and economies execute upon that potential. A partner like ATI will be a catalyst to help reduce the business risks of those matchups and cost of doing business in Africa. "
For Canadian company transactions in ATI member countries, ATI and EDC will look to opportunities to provide joint insurance, parallel insurance and reinsurance products to the players.
Key sectors of interest for ATI and EDC will be extractive, infrastructure and Information and Communication Technology.
"One of the key advantages that ATI offers to international partners and clients is on-the-ground expertise in African risk mitigation. In the process of providing valuable information to a network of global partners, ATI has also been able to increase insurance capacity within Africa. The partnership with EDC enables ATI to continue this positive growth trajectory within Africa," notes Jef Vincent, Chief Underwriting Officer, ATI.
ATI was founded in 2001 by African States to cover the trade and investment risks of companies doing business in Africa. ATI provides Political Risk, Surety Bonds, Trade Credit Insurance and Political Violence and Terrorism & Sabotage cover. To date, ATI has supported over US$7.5 billion in trade and investments across Africa. ATI remains the highest rated insurer in Africa with the 2012 renewal of its Long Term (A/ Stable) rating by Standard & Poor's
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 7,700 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.
SOURCE: Export Development Canada
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Export Development Canada
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