IN a significant development to boost Tanzania’s infrastructure development, ATIDI, the pan-African multilateral insurer, has insured a EUR 300 million loan facility issued by Deutsche Bank to the government of Tanzania. The facility aims to fund several infrastructure projects included in Tanzania’s 2022/2023 budget, in line with the country’s National Development Vision 2025.
ATIDI’s role in this venture is to provide a seven-year comprehensive cover to Deutsche Bank, safeguarding the lender against non-payment by Tanzania on the loan facility advanced to the Ministry of Finance. This insurance enables the implementation of 50 identified infrastructure projects, as well as the rehabilitation and execution of new ones.
Expressing pride in the partnership, Maryam Khosrowshahi, Co-Head of Africa Coverage and Head of CEEMEA Public Sector Debt Capital Markets at Deutsche Bank, said, ‘The successful execution of both tranches within a relatively short timeframe since the start of the transaction is testimony to the Bank’s ability to structure and execute complex and innovative financings in sub-Saharan Africa. We are grateful to ATIDI for our close cooperation once again on the underwritten tranche.’
ATIDI’s support for Tanzania’s infrastructure projects reflects the strong bond between the two entities. Tanzania is one of the founding countries of ATIDI, alongside Burundi, Kenya, Malawi, Rwanda, Uganda, and Zambia. The establishment of ATIDI in 2001 aimed to address African political and other risk issues, making African markets more attractive to global investors. Since its inception, ATIDI has played a pivotal role in supporting Tanzania’s development plans, having been involved in projects worth over $3.5bn in various sectors, including financial and insurance services, energy and gas, construction, and manufacturing. Currently, ATIDI’s contract value in Tanzania stands at $3.5bn, with an additional pipeline of over $900 million to be added in the short-term period.
In response to this collaboration, ATIDI’s CEO, Manuel Moses, expressed delight in supporting impactful projects in Tanzania. ‘As the largest pan-African multilateral insurer on the continent, ATIDI continues to play a pivotal role in supporting its member countries’ development plans and priorities. We are looking forward to discussing further transformational projects that will sustainably benefit Tanzania and its people,’ Moses said.
ATIDI’s growth over the years has been remarkable, starting with operations in just seven countries in 2001 and now serving 21-member countries across Africa with a significant global reach. The institution recently underwent a rebranding from ATI to ATIDI, aligning its identity with its growing stature as a multilateral trade and investment insurer on the continent. ATIDI is currently implementing its 2023-2027 corporate strategic plan, which sets ambitious goals for the organization’s growth and impact on Africa’s development.
