Zimbabwe requires US$10 million to join the African Trade Insurance Agency (ATIA) and has opened negotiations with regional and financiers to raise the required funds, a cabinet minister revealed Monday.Industry and Commerce Minister Mike Bimha said accreditation by ATIA would help address some of the challenges affecting investment inflows into Zimbabwe as well as provide a platform for local companies to interact with economies affiliated to the agency.
"There are key benefits that can be derived and it is a matter of time," Bimha told state radio.
He said the cash-strapped Harare authorities were discussing with unnamed regional and global financiers over the possibility of accessing the required funds.
The ATIA is a multilateral financial institution that provides export credit insurance, political risk insurance, investment insurance and other financial products to help reduce the business risks and costs of doing business in Africa.
Launched in 2001, the agency facilitate exports, foreign direct investment into and trade flows within the continent.
In less than a decade, it had supported over US$2.5 billion worth of trade and investments across Africa.
Source APA
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