Addendum of the MOU with African Trade Insurance Agency (ATI)
-Cooperation towards NEXI’s subscription of share of ATI -

Nippon Export and Investment Insurance (NEXI; Chairman and CEO: Atsuo Kuroda) has signed addendum to August 2019 memorandum of understanding (MOU) on cooperation with the African Trade Insurance Agency (ATI), taking the opportunity of the eighth Tokyo International Conference on African Development (TICAD 8) held from 27 to 28 August 2022. The addendum was signed in Tunisia on August 28^th.

(From left side, Mr. Moses, the Chief Executive Officer of ATI, Mr. Nakatani, State Minister of Economy, Trade and Industry, Mr. Kuroda, Chairman and CEO of NEXI)

By amendment to the Trade Insurance and Investment Act this spring, NEXI was granted authority of capital investment into foreign entities that conduct trade insurance. With such newfound authority, it is now possible for NEXI to make capital investment into African multilateral institutions, with the aim to accelerate trade and investment into Africa from Japanese companies.

In those circumstances, NEXI agreed with ATI to sign an Addendum to the August 2019 MOU aiming to strengthening cooperation between NEXI and ATI in executing necessary procedures for NEXI to become member of ATI. NEXI will be taking all necessary steps towards subscription of ATI shares, including authorization by the Minister of Ministry of Economy, Trade and Industry, of Japan.

NEXI will continue to actively support business expansion overseas of Japanese companies including exports to, investments in, and loans for the African countries, by promoting closer ties with international financial institutions and governmental financial institutions in other countries and regions.

Statement from Mr. Manuel Moses, CEO of ATI
　ATI and NEXI have had a long-standing partnership over the years, and I am elated that our co-operation continues to grow. As Japan continues to magnify its footprint in Africa, we are confident that this MOU will greatly enhance both parties’ ability to support trade and investments into the continent.

Statement from Mr. Atsuo Kuroda, the Chairman and CEO of NEXI
　Today, I am truly honored to be able to announce that we signed this MOU addendum with ATI. NEXI will duly execute the necessary procedure to become an ATI shareholder and continue to work closely with ATI to encourage more Japanese companies to make international trade and investments into Africa.

＜Overview of ATI＞
ATI was founded in 2001 by African States to cover the trade and investment risks of companies doing business in Africa. ATI can insure the full spectrum of debt or equity investments. Specifically, ATI covers political/investment risks, performance risks and commercial risks. As of December 2021, ATI had supported US$70 billion in trade and investments across Africa in sectors such as agribusiness, energy, exports, housing, infrastructure manufacturing, mining and telecommunications. For over a decade, ATI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and it now has a recently obtained A3/Stable rating from Moody’s. http://www.ati-aca.org/

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