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Minister Mike Bimha

Business Reporters

Zimbabwe’s attainment of full membership status of the African Trade Insurance is a major boost to the country’s quest to attract foreign direct investment, Industry and Commerce Minister Mike Bimha has said.Minister Bimha was speaking in an interview with The Herald Business yesterday following his return from Washington DC where he attended the annual general meeting for the African Trade Insurance Agency held last week.

Zimbabwe attended the AGM as a fully fledged member of the organisation for the first time. The AGM was held on the sidelines of the International Monetary Fund-World Bank meetings.

“You may wish to note that my office is already inundated with numerous inquiries from the private sector and potential investors as to when and how Zimbabwe will be able to access ATI insurance services.

“I have no doubt that our membership will contribute to Zimbabwe’s current efforts to reduce the cost of doing business by making political risk and credit insurance, as well as non-payment and FDI cover readily available to exporters, importers and investors,” said Minister Bimha.

He said Zimbabwe now needs to anticipate fruitful membership to the African Trade Insurance in the quest to promote trade with the rest of the world and attract foreign direct investment that will drive the country’s industrialisation agenda and infrastructure development.

“Since 2001, ATI has been promoting a number of trade and investments in member countries including production and infrastructure projects,” said Minister Bimha.

ATI is Africa’s export credit agency which provides political risk and trade credit risk insurance products with the objective of reducing the business risk and cost of doing business in Africa. Its main goal is to help increase investments into African member countries and two-way trade flows between Africa and the world.

ATI was launched in 2001 with the financial and technical support of the World Bank and the backing of seven African countries. The African Development Bank recently joined as shareholder and partner by funding countries to join ATI.

Since 2003, ATI has supported over $17 billion worth of trade and investments across the continent, secured an investment grade rating of “A” from Standard and Poor, and expanded membership with plans to attract even more African member countries and international financial institutions in the near term.