The minister of Finance, Planning and Economic Development,Matia Kasaija was announced the new chairman of the African Trade Insurance Agency (ATI).
Kasaija, who took up the position during the 20th Annual General meeting of shareholders of ATI, which was held virtually, will chair the agency for a period of one year.
ATI has a membership of about 20 African countries and other organizations including COMESA, African Development Bank, and PTA Bank.
Matia Kasaija replaces Romuald Wadagni, the minister of Economy and Finance of Benin and deputized by the finance Minister of Ghana.
The African Trade Insurance Agency was established in 2001 by seven COMESA countries, with the technical and financial backing of The World Bank to provide insurance against political and commercial risks in order to attract foreign direct investments (FDI) into the region.
The Headquarter is in Nairobi, Kenya,
ATI is Africa’s only multilateral investment and credit insurer and as of 31 December 2019 it had supported trade and investments into Africa valued at over USD55 billion since inception.
In his speech Kasaija said shareholders expect ATI is financially stable there it will continue provide innovative solutions that will help countries manage the longer-term effects of covid-19 pandemic.
“This gives the organization a strong basis to safeguard its business against the negative consequences of covid19,” he said.