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    Reference: 20200099
    Release date: 25 August 2020

    Promoter – Financial Intermediary

    AFRICAN TRADE INSURANCE AGENCY

    Location

    Description

    Financing of the membership contribution of Chad in the capital of the African Trade Insurance Agency (ATI). Such participation will enable Chad and in particular its private sector to benefit from the guarantee mechanism and trade investment instruments offered by ATI and help mitigate the effects of the COVID-19 pandemic through providing economic resilience support.

    Objectives

    Becoming a member of ATI will enable Chad to access a range of guarantee instruments and other investment and trade insurance products offered by ATI. The operation will benefit both i) local private sector actors including small and medium-sized companies (SMEs) through the provision of an extensive set of financing tools in support of investment and trade and ii) foreign investors, thereby enhancing access to foreign direct investment (FDI) for the country's economy. In addition to private sector enterprises including MSMEs, ATI can support public-private partnership (PPP) projects complementing DFI and commercial bank financing, for example in the energy sector. As a result, the operation will support industrial development, manufacturing and trade across various productive sectors of the economy. This type of financing support is particularly needed at this time, in view of the severe impacts of the COVID-19 crisis on African economies. It is also fully aligned with the EU policy for the region. The project is expected to contribute to several Sustainable Development Goals (SDGs), in particular to inclusive economic growth (SDG 8) and to poverty reduction (SDG 1). The operation is also aligned with Chad's national development plan spanning 2017-2021, which relies on a prominent role for the private sector and seeks to attract FDI.

    Sector(s)

    • Services - Financial and insurance activities

    Proposed EIB finance (Approximate amount)

    EUR 15 million

    Total cost (Approximate amount)

    EUR 300 million

    Environmental aspects

    Given the nature of the services sought, there is no relevant environmental/social impact associated with the Republic of Chad becoming a shareholder of ATI.

    Procurement

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

    Status

    Signed - 4/11/2020

    Disclaimer

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

    Related tags

    Chad Services