african trade insurance agency - unctad xi：非洲贸易保险机构

ATI-ACAAfricanTradeInsuranceAgency“Lubricatingtheextractiveindustrieswithpoliticalriskcoverage”Marrakech,MoroccoApril2004BernarddeHaldevangChiefExecutiveAFRICA’SMULTILATERALIMPORTANDEXPORTCREDITAGENCYNOTANOFFICIALUNCTADRECORD

ATI-ACAHowdowedefineapoliticalrisk?4:A:4Politicalrisksaffect…PR(&PD)CF(&CR)“PoliticalRisks”definedintermsof

Trade&InvestmentRisksATI-ACATheAfricancontinent’schallengeAnnuallyreducingaidflowsUnsustainablyhightransactioncostsToomanyuncoordinatedregionaleconomicintegrationorganisationsand“initiatives”…>40of54countries“involved”inconflictsorwarsinthelastdozenyearsAfrica’stotalexternaldebt>350%ofexportsMarketgapinriskmitigatingtoolsRisk:issueofperceptionvreality?FDIat0.7%ofglobal,annualWorldtradeshare2.25%,10-yearann.averagePop>750millofwhich>50%inagriculture->70%in198033%ofmales>15yearsand50%ofallfemalesilliterate…returnsofupto30%v15%USAand10%EULEVELOFRISKINSOLVENCY(PERFORMANCE&PAYMENT)CONTRACTUAL(POLITICAL)CONTRACTUALINVESTMENTSSTOCKS/MOBILEASSETS“WORKS”CATASTROPHEATTRITIONALPOLITICALRISKCONTRACTFRUSTRATIONCREDITRISKCENEQUITY/PROJECTB.O.O.T/B.O.TIMPORT/EXPORTEMBARGOBUYERCANCELLATION/TERMINATION/REPUDIATIONPAYMENTDELIVERYCHAPTERII“SCHEMEOFARRANGEMENTS”WAR&PFMTERMINATIONCENTRALGOVTACTIONPROTRACTEDDEFAULTPOLITICALVIOLENCELEASEDASSETNON-REPOSSESSIONPRE-EXPORTFINANCEINSOLVENCY

Aviewoftheinter-relationshipbetweenpolitical,contractfrustration,credit,andpoliticalviolencerisksATI-ACAAnewtypeofmultilateralWhatdoesATIprovide?LeveragewithAfricangovernments,intergovernmentalinstitutions,developmentagencies&multilateralsProvenabilityto“connect”AfricatofinancialmarketsindevelopednationsAccountabilityofmembergovernmentsPLUS100%cash-collateralisedsecurityNewpublic-privaterisksharingconceptEnhancedlossmitigationandrecoursethroughsovereigntreatieswiththeWorldBankCapacitybuildingforAfricaninstitutionsMembercountriesBurundi,Djibouti*,Eritrea*,Kenya,Madagascar*,Malawi,Rwanda,Uganda,TanzaniaandZambia.(*ATITreatytoberatified)But

…opentoallAUmemberstates&corporates…Interestfrom:

D.R.Congo,Ethiopia,Ghana,Libya,Mozambique,Nigeria,Senegal,Sudan,++CorporatemembersCOMESA,PTABank,ZEP-RE,Atradiusgroup.Indiscussionswithothers.ATI-ACAMembershipATI-ACAObjectivesCharter:

Facilitateprivatesector-ledtradeflows,investmentand“productiveactivities”throughtheprovisionofinsurance,coinsuranceandreinsurance,financialinstrumentsandrelatedservices.Thatmeans…:

Atermappointment…Mobilisationofpublicandprivatesectorfinancialinstitutionsthroughcooperation,notcompetition;aninclusiveapproachfromdayonePromotionofIntra-Africantrade&investmentHow:Usingcombinationofprivatesectorexperience&capitalandpublicsectorcloutandconnectionsATIATI-ACALeveragingATITrustAccountGovernmentIDAProjectAgreementParticipationAgreementInitialDeposit(US$105mill)SecurityTrustagreementInsurancepartnersInsuranceFacilityAgreementsBurundiDjiboutit.b.ratified.Eritreat.b.r.KenyaMadagascart.b.r.MalawiRwandaTanzaniaUgandaZambiaATI’scapitalIDAFunding;Members’Contributions;RetainedPremiumandInterestSyndicationof100%cash-collateralisedATIlineplusthesecurityofagreedinsurancepartnersfortheirfacultativecoinsuringshareAtradiusbalancesheetbehindATIcreditinsurancepaper(untilend2004);ATI“own”capacitybeingdevelopedATIclaimspaymentsnotsubjecttoanyregulatoryorgovernmentinterferenceEstablishedunderinternationaltreatyRegisteredunderArticle102oftheUNCharterSupportedbytheWorldBankandtheEUATI-ACASecurityofATIpoliciesATI-ACACoveredrisksNon-paymentforpublicbuyersWar,CivilDisturbance,EmbargoTransferRestrictionsCurrencyInconvertibilityExpropriation,SeizureofGoods(CEND,FA&FD)ContingentPoliticalForceMajeure(3rdparty)PreventionofexportCancellationofimport/exportlicensesImpositionofnon-constitutionalimportdutiesRetroactive,discriminatorytaxchangesTransitanddiversionrisksMulti-buyerinsolvencyTerrorism,WarandBusinessInterruptionEligibilitycriteria:

Newcross-bordertransaction Productiveactivity Privateorpublicbuyer(nosovereignrisk) Buyerinparticipatingcountry EnvironmentalclearanceExamplesoftransactions:

ConfirmationofL/C Saleofgoodsoncreditterms Financial/operatingleases Trade&projectfinanceloans(incpre-export) Contractualbonds Physicalassetsagainstwarandterrorism ForeignDirectInvestments Tangibleassetsagainstexpropriation ContingentPoliticalForceMajeurefor ProjectLoansATI-ACAThepoliticalriskfacilityTerms:Sighttransactionsupto6yearscover NominimumtransactionamountMinimumpremiumof$500fornon-Africaninsureds;$250forAfricaninsuredsUpto100%indemnityCompetitivePricingATI-ACAThepoliticalriskfacilityATI-ACAPoliticalRiskWaitingPeriod&ClaimsProcessingAssessmentperiodClaimsfilingperiodClaimdeterminationClaimsettlementArbitrationUpto45daysUpto45daysUpto15daysNoticeofpotentiallossDevelopcreditinformationsourcesActasrecoveryagentsforpastlosses(insuredornot)EstablishcreditdatabaseAssistindevelopingnationalinsolvencylegislationDevelopinsurancecapacityinthedomesticprivatemarket;“APRP”theAfricanPoliticalRiskPoolComesaCustomsCarnetPartnershipagreementswithcreditreferencebureauxandagenciesAsset&receivablesbackedworkingcapitalexportguaranteeschemeATI-ACAFutureDevelopmentsTRANSACTION:Buyercreditforimportofplant&equipmentforpowerprojectVALUE:US$40mill(3rdpartyloan:$20m)RISKCOUNTRIES:Rwanda;Belgium,GermanyTENOR:5years+1yearpreshipmentINSURED:FinancialinstitutionADDITIONALSECURITY:MinistryofFinanceguaranteeBUYER:RwandanutilityCOVER:BroadformTradePRIfor$25millINDEMNITY&W.P.:100%&105daysPREMIUM:2.0%pa&pronmthlyexposedATI-ACAIllustrativeCaseStudy1TRANSACTION:SalesoffoodproductsRISKCOUNTRIES:Europe&EastAfricaTENOR:oneyearwithautomaticrenewalINSURED:EastAfricanCompanyBUYERS:WholesalersCOVER:PRIandCIINDEMNITY:CI-60to90% PRI-100%daysPREMIUM: CI-0.8%ofturnover PRI–0.5%ADDITIONAL:LosspayeearrangementwithfinancingbankATI-ACAIllustrativeCaseStudy2TRANSACTION:SaleoftelecomequipmentworthUS$20millionRISKCOUNTRY:TanzaniaTENOR:6yearsINSURED:EuropeancompanyREINSURED:EuropeanECABUYER:GovernmenttelephoneutilityCOVE