Published: 09 July 2013

Zimbabwe has been re-admitted into the African Trade Insurance Agency (ATI) in a development expected to increase foreign investor confidence.

The re-admission of Zimbabwe into the continental trade and insurance agency was made after government's commitment to become a full member of the organisation by complying with technical and funding requirements.

The organisation says Zimbabwe will enjoy trade benefits such as cost effective use of underwriting capital, export credit insurance, reduction of business risks and low operation costs.

The Zimbabwe National Chamber of Commerce (ZNCC) Advisory Council Chairman, Mr Luxon Zembe said the trade and insurance agency is important in increasing business confidence.

"This is critical in ensuring that the economy can also benefit and we hope this will also benefit the nation by increasing business confidence," said Mr Zembe.

ATI is a 19-member multilateral financial institution that facilitates exports, foreign direct investment and trade inflows within the continent.

Zimbabwe has not been an active member of the organisation since 2008 due to funding challenges which were caused by sanctions imposed on the country by Britain and her western allies.
- zbc

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