Finance

South Sudan: African Development Bank, ATI support leads to US$ 27.62 million in commercial risk insurance cover 

Thursday, 21 March 2019 16:30
South Sudan: African Development Bank, ATI support leads to US$ 27.62 million in commercial risk insurance cover 

(AfDB) - South Sudan has this month realised a record $27.62 million in commercial risk insurance cover through the efforts of the South Sudan government, the African Development Bank and the Africa Trade Insurance Agency (ATI). ATI has, to date, provided gross risk cover to facilitate investments in the electricity, gas, water supply and financial and insurance sectors.

South Sudan is also expected to benefit from a $100 million trade facility from the Trade and Development Bank (TDB). The facility will focus on strategic commodities, budgetary support and other essential co-imports. It will comprise $60 million in hard currency and $40 million for spare parts, food, pharmaceuticals and refined products. About $5 million has been ring-fenced for solar energy at rural clinics and police stations.

South Sudan’s membership of the ATI and the TDB was made possible by a $18.15 million concessionary facility from the African Development Bank.

The African Development Bank’s country manager for South Sudan, Benedict Kanu, commented: “With very weak capitalisation of private trade finance and insurance institutions in South Sudan, there is a pressing need to boost trade finance. This groundbreaking ADB-supported project demonstrates an innovative use of limited concessionary financing, with exemplary catalytic effects in the immediate and long-term. Once scaled up, the project will address some of the over-arching factors contributing to economic fragility in South Sudan, particularly financial sector development and risk management.”

Kanu added: “The immediate and future benefits of South Sudan’s ATI and TDB membership project recall the country’s aspirations of membership of the East Africa Community (EAC) which were realised in April 2016. They also reinforce the Bank’s High 5 Agenda for Africa’s economic transformation”.

The Bank’s Head of Trade Finance, Yaw Adu Kuffour, said, “the shortage of trade finance in Africa presents clear risks to the economic performance of our regional member countries, especially those in transition. We are glad to support South Sudan in this way”.

The African Development Bank will work closer with ATI, the government, the private sector and other concerned stakeholders to promote inclusivity and communication and information dissemination at the country level, especially on ATI’s services, products and investment guarantee tools. In collaboration with ATI and TDB, the Bank will also organise a stakeholder engagement event in Juba at a date to be determined.

32633 bank



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.