admininvestments against political risks and enhance access to lines of credit.
Mr Bimha was speaking at the inaugural Credit Insurance conference in Harare yesterday.
“The insurance scheme would cover credit and political risks on investments and trade transactions into, within and out of Africa that is hindering growth of productive activity in the continent,” he said.
ATI is an institution under Common Market for Eastern and Southern Africa 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.
Foreign companies have been sceptical about investing in Zimbabwe, citing political and credit risk, but being a member of ATI would guarantee Zimbabwe of risk insurance that would give confidence to foreign investors.
The institution has a membership of more than 10 African countries, including Kenya, the current chair; Burundi, Democratic Republic of Congo, Madagascar, Malawi, Rwanda, Tanzania, Uganda, Zambia and international and regional financial institutions such as the World Bank, the African Development Bank as well as major companies in the private sector.
Mr Bimha said his ministry was already in talks with the Ministry of Finance and other stakeholders in the private sector to raise capital.
“Once payments are done, then huge benefits from our membership can be availed to our business people,” he said.
Mr Bimha also noted that the ministry would engage the private sector, which plays an important part in the growth of trade.
Last year, ATI facilitated trade and investment into Africa valued at over US$3,5 billion.
Kenya and Tanzania, for instance, each received over US$1 billion worth of investment in energy, roads and water projects.
Online Reporter