Ethiopia joins the African Trade Insurance Agency (ATI). which opens itsdoors to insure political risk in the country, This move comes after a year-long process of membership supported financially by the African Development Bank and culminated in the signing of the agreement in Nairobi on October 19.
A the signing ceremony, Ethiopian Ambassador to Kenya Dina Mufti said that Ethiopia has some attractive investment opportunities including bilateral investment and tax agreements with major countries. He also added that ATI membership would be an additional form of support and protection for all stakeholders involved.
"I believe our entry into Ethiopia, particularly at this time, sends a powerful message to investors. Our presence signals that Ethiopia is open for business because we are standing beside them as a credible and internationally respected insurer with an 'A' rating from S&P," said George Otieno, ATI's Chief Executive Officer.
ATI was founded in 2001 by the Common Market for Eastern and Southern Africa (COMESA). It is backed by the World Bank and is intended to drive investments to the region by protecting against any unfair actions by governments that negatively affect business. Projects up to 1 billion dollars in Ethiopia will be insured.