(Ecofin Agency) - The African Trade Insurance (ATI) announced it has achieved $9.9 million in net profit during the 2017 financial year which ended last December. It also reported that gross written premiums and equity rose respectively to $44.8 million and $242.2 million.

Speaking during a press conference, George Otieno (photo), ATI's Chief Executive, pointed out that the institution considers higher support from member countries, by providing loans at affordable rates, in coming years.

According to him, Africa is currently seeking local solutions to face development challenges such as access to affordable finance. ATI is positioning itself as an indispensable option for African governments.

Let’s note that the institution (founded in 2001) plans to open new offices in Benin, Côte d'Ivoire and Ethiopia by next year. Last year, it provided insurance coverage on a $159 million loan to Ethiopian Airlines to support fleet expansion.

Chamberline Moko