ATIDI Welcomes New Leadership and Achieves Significant Rating Upgrade
Nairobi, 14 October 2024 — The African Trade & Investment Development Insurance (ATIDI), commonly known as the African Trade Insurance Agency, recently concluded its 101st Board Meeting on 5 October 2024, marking a pivotal moment in its governance and strategic direction. During this meeting, Professor Kelly Mua Kingsley was elected as the new Chair of the Board, with Ms. Christina Westholm-Schröder stepping in as Vice Chair. This leadership transition comes at a time of significant growth and transformation for ATIDI, underscored by a recent upgrade in its credit rating by Moody’s.
New Board Leadership
The election of Professor Kingsley and Ms. Westholm-Schröder follows the appointment of new Board Members during ATIDI’s Annual General Meeting, reinforcing the organization’s commitment to strong corporate governance. The new Board, which includes ATIDI’s first Independent Director, is poised to play a crucial role in steering the organization’s strategic direction and governance, further enhancing its efforts to foster sustainable growth across the African continent.
Professor Kelly Mua Kingsley brings a wealth of experience to his new role. As the Director of Finance Operations at the Ministry of Finance’s Directorate General of Treasury in Cameroon, he has been instrumental in designing and implementing strategies for monitoring public revenue and expenditure. His extensive background in public finance reform and his roles at the Central Bank of Central African States (BEAC) and the Regional Advisory Commission on Financial Markets (COSUMAF) position him as a key figure in advancing ATIDI’s mission.
In his acceptance speech, Professor Kingsley expressed his vision for ATIDI, emphasizing the importance of best corporate governance practices and the need to drive economic growth that benefits the continent. He encouraged all Central African Economic and Monetary Community (CEMAC) countries to consider applying for membership in ATIDI, highlighting the potential for enhanced regional cooperation and economic collaboration.
A Legacy of Growth
Professor Kingsley succeeds Dr. Yohannes Ayalew Birru, who has served diligently for two consecutive terms. Under Dr. Birru’s leadership, ATIDI experienced remarkable growth, with membership increasing from 14 to 24 countries and gross exposure rising from USD 4.8 million to USD 9.6 billion. Profits surged from USD 12 million to USD 69.1 million, and assets doubled from USD 419 million to USD 837 million. Professor Kingsley acknowledged Dr. Birru’s contributions, stating, “I take this opportunity to express my deep appreciation to the outgoing Board Chairman and his team for their outstanding leadership in bringing ATIDI to such a level of performance.”
Strengthening Financial Stability
In addition to the leadership changes, ATIDI has received a significant boost in its financial standing. Moody’s upgraded ATIDI’s rating from A3/Positive to A2/Stable, while S&P affirmed its A/Stable rating. This positive assessment reflects the organization’s strong financial management and strategic direction, positioning ATIDI favorably as it embarks on its 2024-2027 strategy aimed at expanding its footprint and strengthening its impact across the region.
The new Board’s support will be crucial in navigating this ambitious strategy, ensuring that ATIDI leverages its strengths while effectively addressing challenges. Their insights and networks will be vital as ATIDI seeks to build new partnerships and enhance its investment initiatives.
Welcoming the New Vice Chair
Joining Professor Kingsley is Ms. Christina Westholm-Schröder, who brings over 35 years of experience in the political risk insurance industry as Sovereign’s Chief Underwriter and Senior Vice President. Her expertise in transactional underwriting and collaboration with multilaterals and export credit agencies will be instrumental in guiding ATIDI’s future initiatives.
ATIDI CEO Manuel Moses welcomed the new Board of Directors, expressing confidence that their diverse expertise would drive impactful initiatives fostering sustainable trade and investment across Africa. “Together, we are poised to make a significant difference in the economic landscape of the continent,” he stated.
Conclusion
The recent developments at ATIDI, including the election of new leadership and the upgrade in its credit rating, signal a promising future for the organization. With a focus on enhancing regional cooperation and economic collaboration, ATIDI is well-positioned to continue its mission of fostering sustainable growth across Africa. As the new leadership team takes the helm, stakeholders can look forward to a strengthened commitment to corporate governance and innovative strategies that will drive economic progress on the continent.
For more information on ATIDI’s membership process, visit ATIDI Membership Process.