Togo has increased its participation in the capital of the African Trade Insurance Agency (ACA) at the end of 2021, announced the Minister of Economy and Finance, Sani Yaya. , Tuesday April 12 during a press conference in Lomé. And to specify that the country thus becomes the first sovereign shareholder of the institution.
“Our participation in the ACA was achieved thanks to a concessional loan of 11.5 million euros from the European Investment Bank – (EIB) and a grant of 20 million euros from KFW through the cooperation German,” explained the Minister. He was speaking at a press conference organized by the institution in Lomé as part of an information campaign relating to political risk and commercial risk insurance in Togo.
According to the Minister, increasing the country’s participation in the capital of the Agency for Trade Insurance in Africa offers “greater room for maneuver and additional leverage for the financing of private sector transactions and structuring projects. of the Togo 20-25 roadmap, in key sectors”.
305 million USD in transactions
A member of the ACA since 2020 with an initial participation of 12.5 million USD, Togo now increases its participation to 35.2 million USD, representing a 6.7% share in the ACA. “Even before joining, we were already operational on the Togolese market. Today, our commitment in Togo amounts to 305 million USD (transactions of the Togolese government and commercial banks, editor’s note) and we still have other priority projects for the government”, declares Kodjo Atatty, the Regional Underwriter, Country Francophones at ACA.
“ACA seeks to collaborate and help Togo in strengthening its competitiveness,” said Manuel Moses, ACA’s Director General. And to encourage companies and investors to contact his institution for their risk mitigation solutions, while specifying that “the ACA is not in competition with local insurance companies, because the risks that ‘it covers are excluded from the coverage of local insurers’.
As a reminder, ATI supported the Togolese government, in 2019, in a blended finance transaction, the country having obtained a quasi-concessional loan over 10 years to reprofile and refinance part of its most important public debt. costly in the short term.