Benjamin Mugisha Resident Underwriter African Trade Insurance Agency (ATI) Central, East & Southern Africa

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1 Benjamin Mugisha Resident Underwriter African Trade Insurance Agency (ATI) Central, East & Southern Africa Place your company logo here (i.e. replace the Spintelligent logo with your company s logo). NB: Your company s logo is only permitted on the first slide!

2 The FACTS on ATI

3 Who are we? Multilateral institution owned by African governments, established with World Bank support. Registered under United Nations treaty Provide insurance products to promote economic growth in member countries through increased investment and trade Benin, Burundi, DR Congo, Kenya, Madagascar, Malawi, Rwanda, Tanzania, Uganda and Zambia Preferred Creditor Status with member countries provides a value-added for project partners Facilitated business transactions over US$17 billion since 2001 Leverage capacity through partnerships with major public & private sector insurers: Export Credit Agencies, the Private Market, Munich Re, etc. Standard & Poors rating of A/Stable

4 What do we do? Provide investment insurance to commercial bank lenders and private sector equity investors Provide trade credit insurance products to commercial bank lenders and private sector traders of goods and services Attract provision of similar insurance by other international investment and trade credit insurers Facilitate partnerships between African countries, lenders, investors, traders and insurers

5 What is Investment Insurance? Investment Insurance provides protection against specific noncommercial risks including: Currency conversion and transfer restrictions Expropriation outright and creeping Political Violence asset damage or inability to operate Breach of Contract by public obligors Non-Payment by sovereign and public borrowers Our insurance helps investors, lenders & traders improve the risk profile in member states. Many need this insurance as a condition of internal approvals in many developing countries

6 What is Trade Credit Insurance? Trade Credit Insurance provides protection against the credit risk of non-payment: Non-payment by private sector Protracted payment default and/or insolvency, can also include political risks (comprehensive) Whole Turnover (multiple buyers) or Single Obligor Short-term trade, longer-term engineering, procurement & construction (EPC) and capital goods sales Performance and bid bonds Insurance often required as a condition of trade, supplier and buyer credit provision in developing and developed countries

7 Case Examples

8 Case Example #1: Independent Power Project (IPP) Private sector power developer proposes to invest in a greenfield power generation project in a member state Project costs to be financed through a foreign equity investment (30%), and loans from foreign lenders (70%) National power utility agrees and enters into a long-term power purchasing agreement (PPA) with the special purpose project company ATI agrees to provide: Foreign investor and lenders with non-payment insurance against PPA breach by the power utility insurance enabling investors to move funds offshore ATI insures those risks, making investment and loans feasible. The power utility, ATI, the investor, and lenders work together in the event that risks begin to arise during PPA term

9 Case Example #2: Govt. Power Project A power utility wants to build its own greenfield power plant, hiring a foreign EPC company to build the turnkey plant and transfer upon completion Power utility has some cash, needs long-term loans from foreign lenders to finance balance of engineering, procurement & construction contract costs Foreign lenders are willing to finance the EPC contract, but have some concern about the power utility s ability to repay the loans ATI agrees to: provide public obligor non-payment insurance to the foreign lenders, based on the power utility s financial capacity ATI, the lenders, the power utility and the Ministry of Finance work together over the loan repayment term to avert non-payment issues

10 Case Example #3: Infrastructure Retro-Fit A power utility wants to enhance existing generation and transmission infrastructure to improve efficiency and extend economic useful life Workplan includes turbine major maintenance, control system modernization, transmission line expansion, and spare parts Power utility has some cash available, some foreign suppliers are willing to provide credit terms, and foreign loans are needed to pay others ATI agrees to provide: foreign suppliers with non-payment insurance on credit to power utility non-payment insurance to foreign lenders on the power utility s loans cover to lenders that finance supplier credit needs using the power utility s receivables as collateral ATI, the power utility and foreign parties work together to avoid credit issues

11 Benefits & Next Steps

12 How can Public Utilities Benefit from ATI s Support? ATI can support the growth and restructuring objectives of power utilities ATI can help as a source of information and expertise ATI can help to lower the cost of financing Power Utilities can benefit from an ATI partnership by engaging in regular dialogue & starting the discussion early to: help ATI identify priority projects so that it can focus on those projects with the highest likelihood of success help ATI with its due diligence needs in: 1) assessing individual projects and sponsors, and 2) ensuring that ATI approaches are aligned with strategic plans for the power sector In short, a close ATI/Power Utility partnership simply makes good business sense.

13 What Next? Potential projects in the East African region: a.wind b.solar c.thermal d.geothermal e.biomass f. Hydro g.non-renewables Huge potential for more projects in these areas Start discussions with ATI early. We can help negotiate contracts, obtain loans at favorable rates, structure the deal, etc. Ensures project is insurable and sound This process ultimately helps lower the cost of financing for your project

14 Procedures & Costs Three step application process: 1.Submit an insurance enquiry form 2.Once approved we issue a non-binding indication (NBI) 3.If terms and conditions are acceptable, client then submits the application and ATI then underwrites the policy Cost & Terms: Political/Investment Risk We price to risk assessed in a particular country Trade Credit Insurance Product Credit Terms Price Range Whole Turnover Up to one year % of insurable turnover Single Obligor 1 5 years % of exposure

15 Africa s Export Credit Agency ATI Contacts ATI Headquarters Kenya-Re Towers Upperhill, Nairobi ATI Tanzania Office 1st Floor, Private Sector Hs Mwaya Road Dar es Salaam ATI Uganda Office Workers House, 9th Floor Southern Wing Plot 1 Pilkington Road Kampala ATI Zambia Office Kwacha House Annex Cairo Road Lusaka

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