The Pan African multilateral insurer ATIDI insurers the Government of Tanzania with 300 million euro loan for 50 infrastructure projects. The 50 infrastructure projects that will benefit from the loan including power, road, water, health, and education. Additionally, all these projects are in Tanzania’s 2022/2023 budget. Importantly, the loan will help Tanzania to achieve the country’s National Development Vision 2025.
Reportedly, ATIDI announced to have provided a seven-year comprehensive cover to Deutsche Bank. Importantly, this deal covers the lender against non-payment by Tanzanian authorities on the loan facility. Maryam Khosrowshahi, Chair of Global SSA at Deutsche Bank said the bank was proud to have been selected by Tanzania.
“The successful execution of both tranches within a relatively short timeframe since the start of the transaction is testimony to the Bank’s ability to structure and execute complex and innovative financings in Sub-Saharan Africa,” Ms. Khosrowshahi said.
ATIDI Loan Cost for the 50 Infrastructure Projects
The multilateral insurer’s contract value in Tanzania stands at $3.5 billion and a pipeline of over $900 million is to be added in the short-term period. The multilateral insurer recently rebranded from ATI to ATIDI. Importantly, this move identifies with a better fit to its growing stature as the multilateral trade and investment insurer.
“ATIDI is happy to support viable and impacting projects in Tanzania,” ATIDI CEO Manuel Moses said. “We are looking forward to discussing further transformational projects that will sustainably benefit Tanzania and its people.”
Tanzania is one of the seven countries – alongside Burundi, Kenya, Malawi, Rwanda, Uganda, and Zambia – which founded ATIDI in 2001. Noteworthy, ATIDI’s main aim is to cover trade and investment risks of companies doing business in Africa.
Additionally, the multilateral insurer has supported Tanzania in projects valued at over $3.5 billion in sectors including financial and insurance services. Moreover, energy and gas, construction, and manufacturing are among other sectors where Tanzania has partnered with the multilateral insurer.