- The ATIDI Board of Directors, during its last meeting, ratified the elections of Professor Kelly Mua Kingsly and Ms. Christina Westholm-Schröder respectively as new President and new Vice-President of the Board of Directors.
- Moody’s recently upgraded ATIDI’s rating from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the strength of the Organization’s financial management and strategic direction.
Nairobi, October 11, 2024 – At its 101st meeting, held on October 5, 2024, the Board of Directors of the Agency for Trade Insurance in Africa (commonly known as Insurance for Trade and Investment Development in Africa – ATIDI), announced the election of Professor Kelly Mua Kingsly as the new Chairman of the Board of Directors. Its Vice-President is Ms. Christina Westholm-Schröder.
The election of the new Board Leadership follows the appointment of new Board members by ATIDI’s Annual General Meeting, in line with ATIDI’s continued commitment to strong corporate governance. The new Board of Directors, which includes ATIDI’s first independent Director, will play a critical role in the strategic direction and governance of the organization and strengthen its efforts to drive sustainable growth across the continent. Professor Kelly is the Director of Financial Operations at the Directorate General of the Treasury of the Ministry of Finance of Cameroon.
In this capacity, he notably contributed to the design and implementation of strategies for monitoring public revenue and expenditure, the preparation of comprehensive financial statements and the piloting of public finance reforms. In addition to his role at the Ministry of Finance, Professor Kelly holds the position of censor at the Bank of Central African States (BEAC) and represents Cameroon at the Regional Financial Market Surveillance Commission (COSUMAF). His recent appointment as Cameroon’s designated representative to the United Nations Development Program (UNDP) and the European Investment Bank (EIB) for Global Environment Facility (GEF) projects, underlines his commitment in the management of climate finance and strengthening the resilience of regional debt.
Ms. Westholm-Schröder is Chief Underwriting Officer and Senior Vice President of Sovereign. She has over 35 years of experience in the political risk insurance industry. She is responsible for all aspects of Sovereign’s transactional underwriting and also leads Sovereign’s successful cooperation with multilateral institutions and export credit agencies. Professor Kelly is the first Cameroonian to serve as Chairman of the Board of Directors of ATIDI.
His election reflects the organization’s commitment to increasing its impact in the CEMAC region (Economic and Monetary Community of Central Africa (CEMAC). In his new role, Professor Kelly will have the role of facilitating collaboration between Member States, to strengthen trade relations and to promote regional integration. For further information on the accession process,
please visit the site
https://www.atidi.africa/fr/relations-avec-les-investisseurs/processus-dadhesion/.
Quote from Professor Kelly, Chairman of the Council d’administration d’ATIDI
“Together with ATIDI management, my vision is to support best practices in corporate governance within ATIDI, and to drive economic growth that benefits the continent. I also aim to increase the reach and visibility of ATIDI across Africa. I encourage all CEMAC countries to consider becoming members of ATIDI, as this membership will further strengthen regional cooperation and open new avenues of economic collaboration. I also take this opportunity to express my deep gratitude to the outgoing Chairman of the Board of Directors and his team for their exceptional leadership which has enabled ATIDI to achieve such a level of performance.”
Quote from Manuel Moses, CEO’BE CAREFUL
“We welcome our new Board of Directors, led by Professor Kelly, whose vision and leadership will be instrumental in guiding the future of ATIDI. With the Council’s diversity of expertise we expect impactful initiatives that will promote sustainable trade and investment across Africa. This new team will strengthen our stakeholder outreach and engagement efforts, creating a stronger, more connected community. Together, we are ready to make a significant contribution to the economic landscape of the continent.”
ATIDI was recently reclassified by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating. This reflects the strong financial management and strategic direction of the organization, positioning ATIDI favorably as it implements its 2024-2027 Strategy, which aims to expand its footprint and strengthen its impact across the region. The support of the Board of Directors will be essential to deliver this ambitious strategy, ensuring that ATIDI leverages its strengths by effectively addressing challenges. Their ideas and networks will be essential to enable ATIDI to form new partnerships. and improve its investment initiatives.
Professor Kelly succeeds Dr. Yohannes Ayalew Birru, who served diligently in his role for two consecutive three-year terms. He was supported by Ms. Hope Murera, Director General of Zep-Re. Under their leadership ATIDI experienced significant growth, with the number of member states increasing from 14 to 24. Likewise, gross exposure increased from USD 4.8 million to USD 9.6 billion, profits increased by USD 12 million to USD 69.1 million, and assets increased from USD 419 million to USD 837 million.
About d’ATIDI
ATIDI was founded in 2001 by African states with the aim of covering commercial risks and investment of companies doing business in Africa. ATIDI mainly provides services insurance against political risks, insurance–credit and surety insurance. Since its inception, ATIDI has supported cross-border investment and trade operations worth USD 85 billion in Africa. For more than a decade, the Organization has maintained a ” A/Stable” in terms of strength financial and counterparty credit awarded by Standard & Poor’s and, in 2019, Moody’s awarded it an A3/Stable rating, which has now been raised to A2/Positive.
www.atidi.africa
