The Government of Togo has announced the completion of the country’s membership in the African Trade Insurance Agency (ATI), becoming the 18th African sovereign shareholder.
According to a statement, Togo’s membership, backed by the European Investment Bank, reflects a trend that has seen a record number of West African countries join Africa’s multilateral guarantee agency with Ghana, Niger and Nigeria all completing membership in the last nine months.
This trend was expected to continue as countries seek support to ensure investment and trade flows on the continent.
“As we ready ourselves to manage the economic fall-out from the Corona virus, African governments are focused on mitigating the short and long-term impacts. Insurance capacity is an important aspect of our ability to rebuild and to ensure that critical projects receive the funding and guarantee support they require.
“We see membership in ATI as a necessary component in our ability to shore up the economy and to weather this storm,” the country’s Minister of Economy and Finance, Hon. Sani Yaya said.
“The membership of Togo pushes ATI one step closer to achieving full pan-African membership from countries from coast to coast. The COVID-19 crisis increases the relevance of African development finance institutions such as ATI.
“As the world struggles to get a handle on this fast moving pandemic, the combined resources of African institutions will be needed to effectively counter this newest threat to Africa’s development,” said John Lentaigne, Acting CEO of the African Trade Insurance Agency.