S. Sudan becomes African export credit agency member

January 16, 2018 (JUBA) – South Sudan has officially joined the African Trade and Insurance Agency (ATI), a multilateral financial institution providing export credit insurance, political risk insurance, investment insurance and other financial products to member states.

The East African country becomes the 14th member of the ATI.

As a member of the ATI, countries are usually supported to cover risks to companies and investors doing business in member countries. The trade agency also covers investment and trade risks ranging from breach of contract to non-payment and government expropriation.

ATI’s chief underwriting officer, John Lentaigne told Xinhua that South Sudan completed its membership in late 2017 with an initial share capital subscription of 7.8 million U.S dollars provided by the African Development Bank (AfDB).

The ATI, he said, will enhance trade and foreign investments in South Sudan.

“We have a range of products that can mitigate a country’s risks whether it is real or perceived. For example the risk of a government not honoring their contractual commitment, risk of war, political violence, inability to convert current and payment risk whether on the government or the private sector,” said Lentaigne.

War-torn South Sudan depends on revenues from oil to support its economy.

(ST)