African Trade Insurance (ATI) membership changing Zimbabwe’s risk profile: BIMHA
Insurance24 Reporter
Harare, Industry Minister Mike Bimha says Zimbabwe’s membership to the continental insurance agency; African Trade Insurance (ATI) is slowly changing the country’s investment and trade risk profile.
The ATI is Africa’s export credit agency which provides political risk and trade credit risk insurance products with the objective of reducing the business risk and cost of doing business in Africa.
The Minister in an interview said the country having paid in excess of $15 mln re-admission fee last year now enjoys its membership to the organisation with full benefits.
“We are now attending all the meetings as a full member, thus a country the benefits are gradual as we seek to mobilize financial resources for the revitalization of the economy,” he said.
Currently ATI conducts business in countries that include Benin, Ethiopia, Malawi, Burundi, Rwanda, Democratic Republic of Congo, Tanzania, Kenya, Uganda, Madagascar and Zambia.
Other members of the insurance agency include AfDB, the Common Market of Eastern and Southern Africa, African Reinsurance Corporation and the Eastern and Southern African Trade and Development Bank (PTA Bank), the PTA Re Insurance Company (Zep Re), among others.
It was launched in 2001 with the financial and technical support of the World Bank and the backing of seven African countries.
Bimha had earlier in the morning inaugurated a National Competitiveness Commission (Ncc) board which is envisaged to enhance Zimbabwe’s competiveness through proposing policy recommendations that will enable the country to attract both domestic and foreign investments.
The Board’s major two mandates include that of reducing the cost structures in the country and boosting exports through producing goods that are competitive on the global market.
“It will also continually monitor the cost drivers in the business and economic environment and advise on measures to be taken to enhance productivity and address current and emerging costs challenges,” he said.
The board is chaired by industrialist Kumbirai Katsande.
