Trade Insurance Agency Moves to Reassure Investors ahead of 2016 Elections

As Uganda readies itself for national elections next year, information pills sales the African Trade Insurance Agency (ATI) has alleviated any fears that investors and traders in Uganda may have.

The company is helping Uganda maintain its economic strength throughout the election cycle and beyond, more about through its support to banks.

The insurance agency announced that it provides reinsurance support to Insurance companies by providing capacity for issuance of political violence, terrorism and sabotage insurance and bonds.

It also provides specialised insurance products to cover political, investment and trade credit risks.

Addressing the press on Tuesday, Honourable Fred Omach, State Minister for Finance and ATI’s immediate Annual General Meeting Chair noted that when ATI was founded in 2001 many investors hesitated to do business in Africa and Uganda was no exception.

“ATI has changed the game by rewriting the story of African risk as something that is more realistic and tenable than what is often misrepresented in the international media. This has helped Uganda and many other countries to continue attracting investments and supporting increased trade with countries within Africa and abroad,” he said.

Uganda’s current Board member who is also the CEO of Padre Pio Insurance Brokers Ltd, Ms Irene Kego Oloya said ATI has provided significant support to Ugandan banks by guaranteeing their clients’ bonds and other trade transactions.

She noted that the company also extended its cover to project finance and medium-to-long term transactions.

“This is important for Uganda because this will help us attract much needed financing to projects in capital intensive sectors such as energy and roads construction,” she said.

ATI is also hosting a workshop for banks in Uganda to sensitize the lenders on its product that help to increase credit facilities to small and medium sized companies..

Since its first transaction in 2004, ATI has helped Uganda attract over Shs 9.5 trillion in trade and investments.

According to the insurance agency, in the first half of 2015, ATI has facilitated transactions worth over Shs 99 billion in the country.

The company has also paid claims in excess of Shs 3 billion.


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