(Business in Cameroon) - Cameroon is, since October 7, 2021, the 19th African country shareholder of the African Trade Insurance Agency (ATI). This is revealed in the sectoral report published on October 29, 2021, by the national sinking fund CAA.
According to the CAA, to join the shareholding, Cameroon contributed XAF7.4 billion, thanks to a loan from the European Investment Bank (EIB) which encourages African countries to join that institution.
According to experts, by joining the ATI that covers political and commercial risks, Cameroon will be able to attract more foreign direct investments and improve regional and international trade.
"For more than a decade, we have been the trusted risk mitigation partner of international and local companies, lenders, and investors. Before making critical business decisions, our clients have come to rely on our accurate and up-to-date credit and political risk assessments. With risk mitigation tools to cover both inward investments and outward trade, we have you covered no matter where in the world your business takes you," ATI writes on its website.
For Sylvester Moh Tangongho, Director General of the Treasury, Financial and Monetary Cooperation at the Ministry of Finance, joining the ATI is "an important event” for Cameroon “which is resolutely turned towards the appeal and support of national and foreign investors.”
“The ATI offers additional guarantees for that purpose. This being the case, we are counting on ATI, by popularizing its services, to interest both our government, the entire network of insurers based in Cameroon, as well as investors, in the real added value that this membership offers them,” he adds.
“ Membership in ATI has come at the opportune time as it is aligned with Cameroon’s national development strategy 2020 – 2030 (NDS30), whose objectives include becoming an emerging country with enhanced exports and opening up of local markets to foreign direct investments. ATI’s existing pipeline of solid projects, mainly in the financial and manufacturing sectors, will provide a good foundation to the realization of the country’s national development strategy (NDS30),” the ATI comments.
Brice R. Mbodiam