The COVID-19 pandemic is in its third wave in Africa, and immunization remains a difficulty. The African Trade Insurance Agency (ATI) has contributed USD250,000 to the Africa Centre for Disease Control and Prevention (Africa CDC) as a partner in the continent’s pandemic response. The donation will aid the public health agency’s efforts to close the COVID-19 vaccination gap in Africa.
The donation is part of ATI’s commitment to social investment in Africa. As the region continues to fight the pandemic, the donation will be added to a pool of other donations supporting socioeconomic efforts in Africa.
According to the World Bank, in addition to the USD9.5 billion required to purchase enough vaccinations to provide appropriate protection against COVID-19, another USD3 billion is required to fund operations.
Through the provision of unique insurance solutions that touch numerous sectors of the economy, ATI has made important contributions in response to the worldwide pandemic and to the economic development of Sub-Saharan Africa as Africa’s multilateral trade and investment insurer. For example, ATI has underwritten finance for various health-related projects, allowing African governments to purchase medical equipment and modernize hospital facilities, allowing them to better manage and solve the ongoing health issue.
ATI has also helped African sovereigns reprofile their financial responsibilities, reducing their debt burden and improving their debt management system. These re-profiling agreements are important because they aid governments’ debt sustainability efforts. ATI’s insurance solutions, which assist in minimizing the negative consequences of the crisis, remain vital and relevant to the continent as a result of this support.
Manuel Moses, the CEO of ATI stated that “COVID-19 is creating new needs while putting enormous financial pressure on the Governments. To achieve a greater impact, Africa must act jointly and swiftly to overhaul all aspects of our economies. I am particularly elated by this donation as ATI’s direct response to address the effects of COVID-19 is tailored to our continent, where vaccination rates are still low relative to the rest of the world. We hope that this donation will encourage other African institutions to follow suit to boost the resources to speed up the vaccination rates.”
ATI has unveiled its CSR Strategy, with the goal of improving the social and economic well-being of its stakeholders, especially disadvantaged and marginalized populations in Sub-Saharan Africa. In addition to the donation to Africa CDC, ATI has made a USD50,000 donation to the Commonwealth Education Trust to support the Trust’s initiatives to help teachers become more effective in the face of COVID-19 restrictions on movement and social gatherings.