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Signature(s)

Amount
€ 11,370,000
Countries
Sector(s)
Cameroon : € 11,370,000
Services : € 11,370,000
Signature date(s)
9/03/2020 : € 11,370,000
Link to source

Summary sheet

Release date
2 October 2019
Status
Reference
Signed | 09/03/2020
20190660
Project name
Promoter - financial intermediary
ATI MEMBERSHIP CONTRIBUTION CAMEROON
AFRICAN TRADE INSURANCE AGENCY
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
USD 12 million (EUR 11 million)
USD 240 million (EUR 216 million)
Location
Sector(s)
Description
Objectives

The project consists of the financing of the membership contribution of several African countries in the capital of African Trade Insurance (ATI). Such participation will enable each country, in the present case Cameroon, to benefit from the guarantee mechanisms of ATI. The project supports the development of various industries, in particular the private sector, through a range of investment and trade insurance products.

The project fosters private sector investments through the expansion of African Trade Insurance Agency (ATI) in Africa. In the specific case, the project will allow Cameroon to become a member state of ATI. Over the past years, many African countries launched programs aiming at boosting their economies. All these plans have in common the prominent role of the private sector and they all underline the importance of foreign direct investments (FDI) as a driving factor to support the economic growth. As a crucial part of such FDIs and as a central pillar to encourage investors' attractiveness, countries rely on investment insurances provided by private sector insurers or institutions such as the Multilateral Investment Guarantee Agency (MIGA). However, the resulting insurance capacity is insufficient, ultimately restricting private sector investments and limiting growth potential in many countries. In 2001, seven African countries created ATI as a tool to support private sector investments and to enhance the business environment in its member states by providing investment and trade guarantees. ATI has grown since then and today 14 African countries are amongst the various shareholders of ATI with more countries interested to follow. The project is also aligned with Cameroon's national development plan vision 2035, which aspires to raise the country's economic growth to 9% and increase FDI in Cameroon. The operation will contribute to several Sustainable Development Goals (SDG), in particular to inclusive economic growth (SDG 8) and to poverty reduction (SDG 1).

Environmental aspects
Procurement

Given the nature of the services sought, no relevant environmental impact to be considered once the Republic of Cameroon becomes a shareholder of ATI.

The promoter will have to ensure that implementation of the project will be done in accordance with EIB's Guide to Procurement.

Under Global Europe NDICI guarantee

Under EFSD+ Guarantee

Related projects
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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