African Trade Insurance sees annual portfolio doubling to $7 bln in 2022

NAIROBI, June 12 (Reuters) – African Trade Insurance expects its annual insured trade and investment portfolio to double to $7 billion within five years, driven by new members including Ghana and Nigeria.

Chief Executive George Otieno said the annual portfolio would rise by $1 billion this year to $3.5 billion and double to about $7 billion by 2022.

The investment risk insurer is owned by 14 African nations and other organisations such as the African Development Bank.

It was formed in 2001 with World Bank support to offer insurance for large investment and financing projects against risks such as sovereign default, war and insolvency, to spur investment by companies and private equity into Africa.

“We are likely in the next five years to have another 20 countries on board,” Otieno said in…

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