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Partners of the Africa Co-Guarantee Platform reaffirm their commitment to catalyze trade and investment

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  Amid the growing urgency for instruments to reduce investment risk in Africa the six partners of the Africa Co Guarantee Platform https bit ly 3BViQAd CGP have affirmed commitments to better leverage the products of collateral and insurance resulting in more trade and investment throughout Africa The partners committed to extend direct transaction support for specific projects including infrastructure development and balance sheet optimization by sharing risk They will develop new and hybrid products to address issues such as intra regional trade current food and fertilizer crises and improved coverage for infrastructure investments public private partnerships and fragile transition states and situations The CGP will also work with stakeholders to build capacity in the use of risk mitigation instruments that strengthen project preparation and bankability The partners are the African Development Bank https bit ly 3LV8XYa the African Trade Insurance Agency ATI www ATI aca org the African Union Development Agency AUDA NEPAD www NEPAD org GuarantCo www GuarantCo com part of PIDG the Private Infrastructure Development Group Islamic Corporation for Investment Insurance and Export Credit Insurance ICIEC https ICIEC IsDB org and Afreximbank www Afreximbank com which hosted the steering committee meeting In his opening speech Afreximbank s Director of Specialized Finance and Guarantees Kofi Asumadu Addo said This is a critical moment and the CGP is needed more than ever The COVID 19 pandemic the crises in Ukraine and the ensuing macroeconomic challenges facing the continent require urgent action from us as risk mitigation providers Collectively we have the capacity among the Platform partners to respond appropriately and appropriately to help de risk and attract investment in Africa and across Africa We need to take advantage of this to reduce the trade and investment financing gap Afreximbank supports the CGP but we want to see more concrete results Max Ndiaye Acting Director of Syndications Co financing and Client Solutions at the African Development Bank said This platform was launched in 2018 by President Adesina and the senior leadership of the other partners to help bridge the clear mitigation gap risks in Africa which stands in the way of closing more trade and investment deals The urgency has only grown greater since then We need a transaction centric platform that truly delivers for our shareholders ATI Underwriting Director Benjamin Mugisha said the platform would build on the strengths of each member to provide proactive solutions to address Africa s needs The Co Assurance Platform has a unique opportunity to create synergies between the shared vision and mandate of its members and is committed to doing this proactively going forward The platform will leverage the strengths of each member to provide proactive solutions that address the needs of the continent Ibrah Wahabou Head of Infrastructure and Connectivity at AUDA NEPAD said The Co Assurance Platform is Africa s bold response by Africa based DFIs and the African Union Development Agency to tackle the perceived exaggerated and unjustified portrayal of Africa as a place of risk for investors Together through the CGP we are changing the narrative based on concrete agreements GuarantCo Associate Director Ben Storrs said We look forward to supporting the development of the co guarantee platform and institutional alliances to address Africa s infrastructure challenges on a larger scale Collectively we look forward to continuing to build local capacity to enable greater use of innovative credit mitigation solutions to unlock financing for critical infrastructure Bessem Soua ICIEC Division Manager for Sub Saharan Africa and Europe said The Co Assurance Platform is a unique opportunity for multilateral partners to work together on scaling up risk mitigation capacity to reduce the risks of investment and trade in Africa Priorities and concrete steps have been agreed between the partners to take the platform to the next level and ensure a collective and coordinated response to the needs of the continent The Partners also launched the CGP web presence https bit ly 3y1sFLP to provide information about the platform and its partner institutions The site also contains an email address for sending transactions and inquiries
Partners of the Africa Co-Guarantee Platform reaffirm their commitment to catalyze trade and investment

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Africa Co-Guarantee Platform

Amid the growing urgency for instruments to reduce investment risk in Africa, the six partners of the Africa Co-Guarantee Platform (https://bit.ly/3BViQAd) (CGP) have affirmed commitments to better leverage the products of collateral and insurance, resulting in more trade.

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and investment throughout Africa.

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The partners committed to extend direct transaction support for specific projects, including infrastructure development and balance sheet optimization by sharing risk.

They will develop new and hybrid products to address issues such as intra-regional trade, current food and fertilizer crises, and improved coverage for infrastructure investments, public-private partnerships, and fragile/transition states and situations.

The CGP will also work with stakeholders to build capacity in the use of risk mitigation instruments that strengthen project preparation and bankability.

The partners are the African Development Bank (https://bit.ly/3LV8XYa), the African Trade Insurance Agency (ATI) (www.ATI-aca.org), the African Union Development Agency (AUDANEPAD) (www.NEPAD.org), GuarantCo (www.GuarantCo.com) (part of PIDG, the Private Infrastructure Development Group), Islamic Corporation for Investment Insurance and Export Credit Insurance (ICIEC) (https://ICIEC.IsDB.org), and Afreximbank (www.Afreximbank.com), which hosted the steering committee meeting.

In his opening speech, Afreximbank’s Director of Specialized Finance and Guarantees, Kofi Asumadu-Addo, said: “This is a critical moment and the CGP is needed more than ever.

The COVID-19 pandemic, the crises in Ukraine and the ensuing macroeconomic challenges facing the continent require urgent action from us as risk mitigation providers.

Collectively, we have the capacity among the Platform partners to respond appropriately and appropriately to help de-risk and attract investment in Africa and across Africa.

We need to take advantage of this to reduce the trade and investment financing gap.

Afreximbank supports the CGP, but we want to see more concrete results”.

Max Ndiaye, Acting Director of Syndications, Co-financing and Client Solutions at the African Development Bank, said: “This platform was launched in 2018 by President Adesina and the senior leadership of the other partners to help bridge the clear mitigation gap risks in Africa.

, which stands in the way of closing more trade and investment deals.

The urgency has only grown greater since then.

We need a transaction-centric platform that truly delivers for our shareholders.” ATI Underwriting Director Benjamin Mugisha said the platform would build on the strengths of each member to provide proactive solutions to address Africa’s needs.

“The Co-Assurance Platform has a unique opportunity to create synergies between the shared vision and mandate of its members and is committed to doing this proactively going forward.

The platform will leverage the strengths of each member to provide proactive solutions that address the needs of the continent.” Ibrah Wahabou, Head of Infrastructure and Connectivity at AUDA-NEPAD, said: “The Co-Assurance Platform is Africa’s bold response by Africa-based DFIs and the African Union Development Agency to tackle the perceived exaggerated and unjustified portrayal of Africa as a place of risk for investors Together, through the CGP, we are changing the narrative based on concrete agreements”.

GuarantCo Associate Director Ben Storrs said: “We look forward to supporting the development of the co-guarantee platform and institutional alliances to address Africa’s infrastructure challenges on a larger scale.

Collectively, we look forward to continuing to build local capacity to enable greater use of innovative credit mitigation solutions to unlock financing for critical infrastructure.” Bessem Soua, ICIEC Division Manager for Sub-Saharan Africa and Europe, said: “The Co-Assurance Platform is a unique opportunity for multilateral partners to work together on scaling up risk mitigation capacity to reduce the risks of investment and trade in Africa.

Priorities and concrete steps have been agreed between the partners to take the platform to the next level and ensure a collective and coordinated response to the needs of the continent”.

The Partners also launched the CGP web presence (https://bit.ly/3y1sFLP) to provide information about the platform and its partner institutions.

The site also contains an email address for sending transactions and inquiries.

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