The African Trade Insurance Agency (ATI) has declared that its General Assembly has endorsed the first ever payments to shareholders. The announcement came shortly after ATI’s Annual General Meeting which took place in Abidjan, where the company also declared its record-breaking 2017 financial results for the sixth year in a row.
ATI has designated an initial $2.5 million in payments to its shareholders which include 14 African member governments.
The CEO of ATI, George Otieno said, “We have been planning for this moment for several years and I am happy to finally announce that we are ready to give something back to our shareholders. This signals our intention to continue showing value to our member governments and shareholders, while providing non-member countries and institutional investors an incentive to join.”
African Trade Insurance recorded gross exposures of $2.4 billion in 2017. In the same period, the company also covered investment and trade activities across the continent valued at $10 billion. ATI also announced a $10 million profit representing a 55% increase over 2016. ATI owes its strong results in part to growing demand from investors and African governments for their products as the continent continues to position itself as an attractive destination for investors. Africa’s drive to increase trade within its borders is also fuelling ATI’s success.