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Japan’s NEXI Joins African Trade Insurance Agency (ATI) as Shareholder

ATI and NEXI aim to promote Japanese trade and Foreign Direct Investment (FDI) in Africa.

Wafula Steven by Wafula Steven
June 15, 2023
in Business, News
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Japan's NEXI Joins African Trade Insurance Agency

From left - Mr. Moses, the Chief Executive Officer of ATI, Mr. Nakatani Shinichi, Japan's State Minister of Economy, Trade and Industry, and Mr. Kuroda, Chairman and CEO of NEXI) at a past event.

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Nippon Export and Investment Insurance (NEXI), Japan’s Export Credit Agency, has become the latest shareholder of the African Trade Insurance Agency (ATI), injecting USD14.8 million in capital.

KAMPALA, UGANDA | NOW THEN DIGITAL — The African Trade Insurance Agency (ATI) has gained a new shareholder in the form of Japan’s Export Credit Agency, Nippon Export and Investment Insurance (NEXI).

NEXI has injected USD14.8 million in capital into the Pan-African Guarantee Institution, strengthening the cooperation between Africa and Japan under the Tokyo International Conference on African Development (TICAD).

This move aims to promote Japanese trade and Foreign Direct Investment (FDI) in Africa.

NEXI Joins African Trade Insurance Agency ATI as Shareholder
Manuel Moses, CEO of ATI

ATI CEO Manuel Moses Welcomes NEXI

ATI CEO Manuel Moses expressed his congratulations to NEXI on becoming a shareholder of ATI. He highlighted the collaborative efforts between ATI and NEXI in recent years to promote trade and investment between Japan and Africa.

Moses believes that NEXI’s equity investment in ATI will enhance the institution’s ability to support trade and investment across the continent. It will also attract Japanese investors seeking business opportunities in Africa, given its large population of over 1.2 billion people within the African Continental Free Trade Area (AfCFTA).

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“I sincerely congratulate NEXI for becoming the newest institutional shareholder of ATI. In recent years, ATI and NEXI have held a strong working relationship towards promoting trade and investment between Japan and Africa under the auspices of TICAD and I am happy that our strategic collaboration has culminated into NEXI’s equity investment in ATI as shareholder. We are confident that as Japan expands its FDIs and footprint into Africa, its membership in ATI will not only improve our institution’s capacity to support trade and investment across the continent, but will also attract more Japanese investors seeking for business opportunities in Africa’s population of over 1.2 billion people in the single market, under the African Continental Free Trade Area (AfCFTA).”

NEXI Chairman and CEO Atsuo Kuroda’s Statement

NEXI Chairman and CEO Atsuo Kuroda expressed his honor at becoming an official member of ATI. He expressed gratitude for the guidance and support provided by ATI throughout the process.

Kuroda affirmed that NEXI will continue working closely with ATI to encourage more Japanese companies to engage in international trade and investments in Africa.

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“I am truly honored to be able to announce that NEXI is now officially a member of ATI.  We are extremely grateful of all the guidance and support from ATI during the entire process.  As a member of ATI from this point on, NEXI will continue to work closely with ATI to encourage more Japanese companies to make international trade and investments in Africa.”

Establishment of the “Japan Desk” in Nairobi Office

During the TICAD7 Summit in 2019, ATI and NEXI announced the establishment of a “Japan desk” in ATI’s Nairobi office. The purpose of this initiative is to support African developmental and commercial projects and facilitate access for Japanese companies to reliable risk mitigation solutions offered by ATI.

The “Japan desk” has already played a role in supporting both Japanese and African businesses, with an active gross exposure of USD1.1 billion in sectors such as information and communication, financial and insurance activities, and construction in Côte d’Ivoire, Egypt, Ethiopia, and Nigeria.

Reassurance for Japanese Financial Institutions

NEXI’s shareholding in ATI and its strategic presence in Africa provide reassurance to Japanese financial institutions and potential investors seeking business opportunities on the continent.

As Japan continues to expand its footprint in Africa, the membership in ATI is expected to enhance both parties’ capacities to underwrite strategic transactions and promote economic development across Africa.

Supporting Japanese Investment in Africa

The “Japan desk” initiative has recently facilitated a significant project involving a 10-year Foreign Direct Investment Risk Insurance cover provided by ATI to Japan’s Sumitomo Corporation for its investment in Safaricom Telecommunications Ethiopia Plc (STE), a new telecommunication company in Ethiopia.

NEXI provided reinsurance support to ATI for this project, which represents one of the largest Japanese Foreign Direct Investments in Africa, specifically in Ethiopia.

ATI’s Role in Supporting Japanese Private Sector

In recent years, ATI has provided insurance policies to protect Japan’s private sector against non-payment risks, covering transactions worth USD4.9 billion.

Some of this financing has helped African countries restructure short-term and unaffordable foreign and local debts, allowing for longer tenures and more manageable debt servicing for African governments.

With NEXI becoming a member, ATI expects to support many more Japanese manufacturers, traders, exporters, and financial institutions seeking business opportunities and market access across Africa in the future.

Editor’s Note: Please contact press@nowthendigital.com if you find any of the content to be inaccurate or outdated. 

You’re reading nowthendigital.com — which breaks the news about Uganda, Kenya, Nigeria, South Africa and the rest of the world, day after day. Be sure to check out our homepage for all the latest news, and follow NOW THEN DIGITAL on YouTube, Google, Web Stories, Google News, Medium, LinkedIn, Twitter, Reddit, Pinterest, Linktr, Buy Me a Coffee, and Flipboard to stay in the loop.

Source: Now Then Digital
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Wafula Steven

Wafula Steven

Am Wafula Steven, a seasonal writer for Now Then Digital, as well as a teacher, digital marketer, public relations specialist, and blogger known as 'Doc Stevens'.

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