(Ecofin Agency) - The African Trade Insurance (ATI) agency plans to raise its trade and investment portfolio from $3.5 million (expected at the end of 2018) to $7 billion by 2022. According to Reuters which reported the news June 12, quoting an agency manager, this increase will be driven by financial commitments from about twenty new members.

CEO George Otieno indicated that the insurer’s annual portfolio would rise by $1 billion this year to $3.5 billion at the end of this year and double to about $7 billion by 2022. The surge would mainly stem from fund inflows by new member countries in addition to the current 14. “We are likely in the next five years to have 20 more countries on board,” George Otieno said, revealing that Nigeria and Ghana are included.

Moreover, the manager said Nigeria which could bring up to $500 million worth of business to ATI once it signs as a member, was expected to complete the membership process before the end of 2018.

Let’s recall that the pan-African institution, founded in 2001, offers insurance solutions against various risks to companies, investors and creditors operating in Africa. With the exception of its current 14 member states, ATI is also managed by financial institutions such as the African Development Bank (AfDB).