African Trade & Investment Development Insurance (ATIDI) and the West African Development Bank (BOAD) signed on Thursday, May 30, 2024, in Nairobi, a five-year insurance policy to cover a portfolio of 100 million euros in outstanding loans granted by BOAD to non-sovereign entities at the B& eacute; nin, in Burkina Faso, in Ivory Coast, in Ivory Coast, in Senegal and in Togo

ATIDI will provide comprehensive coverage against non-payment of BOAD's outstanding loan portfolio. Specifically, this makes it possible to cover the first losses on repayments of the principal on a pro rata basis with the Bank, up to 100 million euros for a total outstanding amount of 224 million euros. During the validity of the policy, BOAD and ATIDI may also agree to link new loans to the portfolio

Reacting to this signature, Mr. Manuel Moses, CEO of ATIDI said: “We are honored to partner with BOAD to launch this innovative font, which reflects our shared commitment to promote sustainable development and private sector investments in West Africa, and in particular in the member states of our organization. We are confident that this police will play a catalytic role in mobilizing private sector investments and accelerating the pace of socio-economic progress in the region.”

Serge EKUE, President of BOAD, also reacted, saying: “By strengthening our collaboration with ATIDI, this groundbreaking transaction marks an important step in our strategy to take advantage of the credit insurance market, which we launched in November 2021. It brings the insured portion of the Bank's loan portfolio to around 15%, thus improving its overall rating.”