AfDB bails out Zimbabwe

Zimbabwe's bid to join the African Trade Insurance Agency (ATI) has received a major boost after the African Development Bank (AfDB) chipped in with $4 million of the money required to get registration, Finance minister Patrick Chinamasa has said.

Zimbabwe requires $15 million as minimum capital subscription to the ATI. Chinamasa said that the balance is being mobilised from local private financial institutions.

He said the Ministry of Industry and Commerce had initiated the ratification process which was expected to be finalised before the end of the year.

ATI provides political risk and trade credit risk insurance products with the objective of reducing the business risk and cost of doing business in Africa.