Africa's Trade and Investment Development Insurance (ATIDI) marked an important milestone in its facility journey at the 25th Annual Meeting (AGM) held in Luanda, Angola from June 18th to 21st, 2025. The rally, with the theme of “Turning risk into opportunities and ensuring a sustainable future,” attracted high-level representatives from 24 African member states, 13 institutional shareholders, development finance institutions and strategic partners.
The ANGOLA-hosted AGM serves both as a reflection on the past and a readjustment of the future, highlighting Atidi's mission to reconstruct how risk is managed and perceived across the continent. The event sharply focused on the impending need to reshape continental risk awareness and ensure sustainable funding for Africa's future.
Since its founding in 2000, Atidi has emerged as the basis for African Development Finance, providing important political and commercial risk insurance to unlock trade and investment. Angola's decision to host AGM – shortly after joining Atidi in 2023.
Atidi already supports more than $2 billion worth of infrastructure development in Angola, focusing on water supply, energy and gas projects, directly improving livelihoods and creating jobs. Speaking at the event, Atidi Chairman Kelly Moore Kingsley said 25 years ago that the creation of the agency was born from a belief in pan-Africa cooperation. “In 2000, Atidi was born from a bold and visionary idea. By working together, African countries could overcome the barriers of risk that have long thwarted trade and investment. It was a belief in the power of regional solidarity, shared prosperity and partnership,” he said.
Atidi supports over $88 billion in trade and investment flows. The capital base will increase to $791.5 million by the end of 2024, with a 13% increase – Atidi aims to surpass the $1 billion mark within three years. “We're more than just an insurance company,” Kingsley said. “We are trusted partners in our African development journey, a catalyst that connects awareness with possibilities, and we take risks at opportunities.”
“Bold, informed, strategic investments”
Chief Executive Manuel Moses reiterated his feelings in his opening remarks, noting that Atidi's core mission is to turn Africa's risks into opportunities. “Our impact is based on our commitment to fostering resilient, inclusive, future-looking growth across the continent,” he said. “The future of Africa will be built not through risk aversion, but through bold, informed strategic investments with risk.”
Atidi's 2024 performance showed resilience, but also reflects the challenges of the broader economic environment. Insurance revenues rose to $158.9 million, while investment revenues skyrocketed 45% to $29.8 million. However, the outcome of insurance services fell 36% to $34.7 million, while higher claims reduced profit by 14% to $59.5 million. Nevertheless, Moses asserted that being a client in difficult times is part of Atidi's mission. “Despite these pressures, we've strengthened the foundation,” he said.
Preferred Creditor Status (PCS) appears as an important theme of AGM, with many speakers presenting in affirming its role in strengthening the risk profile of Africa. PCs ensure that Atidi's claims will be prioritized in the event of payment defaults, reassuring global reinsurers and investors. Angola's Finance Minister Vera Daves de Sousa described the PC as “unique strength” that enhances Atidi's operational efficiency and investor confidence. She added that risks should not be avoided, and that it is “under understanding, wisely shared and controlled.”
Moses emphasized the importance of PCs for Atidi's derivative model. “PCS is key to ensuring reinsurance capabilities from the global market, with over 85% of total exposures reinsured,” he explained. It also protects Atidi's investment grade credit ratings and provides access to competitive capital markets. “It's not just a legal principle. It's fundamental to our ability to do our duties,” he said.
From a product innovation perspective, Atidi expands its reach through initiatives tailored to environmental, social and governance (ESG) goals. The Regional Liquidity Support Facility (RLSF) supports renewable energy projects, mobilizing over $323 million and supporting nine projects that generate 182 MW of clean energy in four countries.
Another important initiative is the Portfolio Risk Sharing Arrangement (PORSA) program for Small and Medium Enterprises (SMEs). This will promote inclusive growth, particularly by working with local financial institutions, to operate in agriculture or cross-border trade. Atidi offers credit risk insurance to lenders, thereby encouraging them to fund critical sectors that are not being served by the economy.
Atidi also promotes regional integration through the Regional Customs Transportation Guarantee Scheme (RCTG). With a partnership between Africa-Re, Afreximbank, Afreximbank, Eastern and South Africa (Comea) common markets and its reinsurer Zep-re, the scheme reduces barriers to in African trade by eliminating the need for separate transport guarantees for each country. Streamlines trade logistics and aligns with the African Continental Free Trade Area (AFCFTA) agenda.
In recognition of his growing role, Atidi was named Development Financial Institution of the Year at the 2025 African Banker Awards held in Abidjan. “This perception is more than just a trophy,” Moses said. “This is a homage to all shareholders, partners and colleagues who share our journey and impact.”
Across AGM, Roundtable Sessions features key voices from finance, policy and business, all calling for a paradigm shift in how risk is priced and managed in Africa.
We strive to raise affordable funds
In the first roundtable, “Managing Africa's risk and capital mobilization” – the speaker tackles the continent's enduring challenges in attracting affordable funding. Pangea-Risk's Gabrielle Reid said that global growth forecasts had been downgraded, but Africa is resilient and has the highest forecast growth rate after Asia. However, she warned that changing US trade policies is spurring a rethinking of global partnerships in Africa.
Reed noted that intra-African trade reached $192 billion in 2024, a 7.2% increase the previous year, and is expected to rise further thanks to AFCFTA support. “These risks present opportunities for African countries to take new paths,” she said, highlighting diversification into China, India, Turkey and the United Arab Emirates.
Samira Mensah of S&P Global highlighted that not only recognition, but lower sovereign credit ratings stem from structural weaknesses. “African sovereigns are particularly sensitive to shock due to their economic structure and lack of financial and external buffers,” she said. She sought strong macroeconomic policies, transparent data and trustworthy institutions to improve ratings and investor confidence.
Schwan Badirou Gafari of Lazard added that Africa's cost of capital often does not reflect true risk. Only two African countries that hold investment grade ratings. “Risk perception is higher than a basic warrant,” he said. He urged African countries to use tools such as private placements and ESG-related financing to manage their costs more effectively.
Takunda Pongweni of Rand Merchant Bank spoke about how sovereign risk affects businesses. He cited Dangote, Safaricom and Standard Bank as examples of companies that are disadvantaged by the country's credit rating. “We are the managers of public trust,” he said of the conservative approach of the banking sector. To improve access to capital, his bank had deep ties with investment hubs in the US, Dubai and London.
Atidi's own senior awardee, Annabelle Buzingo, emphasized that through credit strengthening, institutions are mitigating risks and reducing costs. She pointed to Atidi's role in the $910 million Vita Water Project in Angola, guaranteed in a partnership with the World Bank. “This is how Atidi helps member states achieve development outcomes,” she said.
Capital Cost
The second roundtable focused on “reducing capital costs through innovation.” Patrick Oromo of the African Union (AU) Committee warned that despite ongoing reform efforts, the cost of capital remains sustained high. He cited $587 billion in annual losses from low-risk perceptions, corruption, illegal fiscal flows and profit shifts. He praised the AU-led global advocacy as a unified force, calling for the adjustment of financial products to the realities of Africa.
Claudia Lopes of Crown Agents Bank noted that the blend finance structure is a valuable solution to improve pricing and enable more collaboration between banks, DFIs and multilateral partners. “Insurance is a very strong enabler of trade finance,” she said, especially in highly regulated markets.
John-Martin Ndawula of Africa Finance Corporation (AFC) spoke about building affordable funding using institutional investment grade ratings. He cited Egypt's 2023 Samurai Bond contract. There, they acted as a regroup as an example of AFC using innovation to reduce borrowing costs. Ndawula also highlighted the importance of developing local capital markets and pointed to infrastructure credits as a promising model for Nigeria.
Leonard Kange of Nigeria's Industrial Bank said high financial costs for small and medium-sized businesses remain a challenge. In 2024, BOI raised 2 billion euros through structured transactions using AFC guarantees to bypass penalties related to Nigeria's sovereignty ratings. “We need innovative structured solutions and partnerships,” he said, adding that such transactions will help us develop capital sustainably.
Darvim Pipa of Angola's Capital Markets Committee reflects efforts to develop Angola's capital markets, which remains controlled by public debt. Since 2022, privatization and new financial products have been introduced to promote competition and reduce capital costs. However, he acknowledged that the cultural he regarding market participation remains a barrier. “We are trying to break the existing culture of fear by sharing information and becoming more active with potential investors,” he said.
The power of partnerships
In his closing remarks, Atidi Chief Executive Benjamin Mugisha praised the quality of the dialogue throughout the AGM. He said that equal arenas are essential for African countries to raise funds on sustainable terms. Mugisha is a host of the Angola government and thanked all stakeholders for their contribution to the rich and thought-provoking discussion.
Atidi's journey over the past 25 years demonstrates the power of partnership and local solidarity in tackling continental structural barriers.
Whether supporting mega-infrastructure projects, cutting cross-border trade, or enabling SMEs finance, Atidi believes that risks can be a powerful factor of opportunity when understood and managed.
