African Trade Insurance Agency (ATI) has vowed to attract investments in the country by partnering with local insurance companies to re- insure big projects after putting up shop in Kigali, which it intends to use as a gateway to Burundi
“We had business operations in Rwanda even before and having an office here will boost the existing operations,” said Julius Karuga, the Resident Underwriter in Rwanda.
Founded by African states in 2001, at the initiative of COMESA to help attract more FDI to Africa, ATI offers political risks insurance to protect investors and lenders from any government actions or politically motivated violence that could negatively impact their business interests.
Kagaru said they are coming to partner with local insurance firms with big portfolios.
“They (insurance companies) will be confident to negotiate bigger projects with our partnership,” he added.
With success stories in bigger markets like Kenya and Tanzania, ATI’s entry is expected to boost the growth of Rwanda’s fledgling insurance industry.
National carrier, RwandAir, is one of the local companies so far insured with ATI to cover its (RwandAir) transaction of US$60m for the two Boeing procured last year.
Matthew Rees, the Regional advisor for US Agency for International Development, said that ATI will use its experience in the regional markets, attract investors and increase Foreign Direct Investments (FDI).
“Its starting field for Rwanda to attract FDI, because ATI is an African body with vast experience in all sectors,” Rees said, yesterday.
The Rwanda office is ATI’s fourth local office, after Tanzania, Uganda and Zambia/Malawi.