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    Tuesday, July 2, 2024

    ATIDI Achieves Remarkable Performance Amidst Global and Regional Economic Challenges

    Olufemi Adeyemi 
    • Profit for the year increased by 205% to USD69.1 million as insurance revenue grew by 14% to USD155.7million.
    • The results were validated during the Company’s 24th Annual General Meetings (AGM) held in Livingstone, Zambia, last week.
    • ATIDI’s next AGM is scheduled to take place in Angola in 2025.
    ATIDI Chairman of the Board of Directors Dr. Yohnnes Birru
    African Trade and Investment Development Insurance (ATIDI) achieved notable accomplishments during its fiscal year concluding in December 2023, notwithstanding the challenging regional and global economic landscape.

    The Company's 24th Annual General Meetings (AGM), held recently in Livingstone, Zambia, served as a platform to validate the accuracy and reliability of the presented results.

    The Annual General Meeting (AGM), themed "Empowering the Future, Enabling Investment," commenced with the esteemed presence of the President of the Republic of Zambia, His Excellency Hakainde Hichilema, who officially inaugurated the proceedings.

    Additionally, the event featured an Investor Roundtable, where participants engaged in discussions centered around identifying sustainable strategies to enhance access to financing for both sovereign entities and private sector players within the African continent, taking into account the current global and regional economic landscape.

    Outstanding performance 

    Despite a challenging global environment marked by geopolitical and economic uncertainties, ATIDI achieved remarkable success in 2023. The following highlights demonstrate our exceptional performance:

    • Profit for the year increased by 205% to USD69.1 million;
    • Insurance revenue grew by 14% to USD155.7 million;
    • Gross exposures grew by 19% to USD9.6 Billion;
    • Total assets grew by 27% to USD837.1 million;
    • Equity grew by 25% to USD699.3 million; and
    • Insurance revenue grew by 14% to USD 155.7 million.

    In reference to the financial outcomes, Manuel Moses, the Chief Executive Officer of ATIDI, expressed his gratitude to the Board of Directors, Management team, and staff for their unwavering commitment and diligence, which culminated in the company's exceptional financial performance in the year 2023.

    We are happy to report that 2023 has been the best financial performance in ATIDI’s history.  This performance is all the more outstanding given our operating environment, which is marked by uncertainties, slow global economic recovery, tight financial conditions and geopolitical tensions. It is a testament to the soundness of our business fundamentals and strategy, our resilience and the quality of the risk-mitigating solutions we provide and lays a solid foundation for more rewarding years ahead,” Mr. Manuel said.

    “As we look to maintain our performance, we will notably continue to work closely with our Member States to uphold our Preferred Creditor Status in order to support them in attracting much needed and affordable development finance. We will also pursue our efforts to strengthen our partnerships, optimize our processes and grow our footprint to further contribute to Africa’s economic emergence.”

    ATIDI CEO Manuel Moses

    Zambia President, Hakainde Hichilema

    In 2023, ATIDI diligently pursued the execution of its comprehensive corporate strategic plan for the 2023-2027 timeframe. This plan is meticulously designed to enhance the organization's governance processes and overall performance, thereby fortifying its developmental impact. Notably, ATIDI implemented its novel climate policy, which complements its Environmental, Social, and Governance (ESG) framework. This policy serves as a proactive measure to sustainably address the escalating challenge of climate change.

    Also, in 2023, the multilateral development insurer unveiled its new brand identity and expanded its global presence. Notably, Angola and Mali joined as Member States, while Japan's Export Credit Agency, Nippon Export and Investment Insurance (NEXI), became an institutional shareholder. Furthermore, Burkina Faso and Chad recently joined as Member States in early 2024. This dynamic membership growth has been facilitated by strategic partnerships with the African Development Bank (AfDB), the European Investment Bank (EIB), and KfW Development Bank. Additionally, the organization maintains strong relationships with regional bodies such as the African Union, COMESA, ECOWAS, and the West African Development Bank (BOAD).

    The upcoming Annual General Meeting is planned to be held in Angola in the year 2025.

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