Working to ensure profitability and development impact

Manuel Moses is a Zimbabwean professional with over 30 years’ experience in engineering, development finance and leadership. He began as an engineer before transitioning to finance at the Zimbabwe Development Bank and later the Commercial Bank of Zimbabwe, where he facilitated over US$1bn in trade and project finance. At the TDB, he supported major regional projects and helped structure ATIDI. At the IFC, he expanded Africa’s portfolio from $200m to $1bn. Since 2021, as CEO of ATIDI, he has championed financial innovation, SME empowerment and sustainable development, aiming to position Africa as a key global trade partner.

ATIDI has played a pivotal role in mitigating investment risks across Africa. How would you describe ATIDI’s evolution over the years, and what do you see as its core contribution to the continent’s economic development today?

ATIDI has experienced significant evolution since its inception, adapting to the changing needs of the African market and the broader global economy.

First, our footprint has grown from seven member states to 24 today, with an ambition of reaching 30 by 2027. We then broadened our product range. Initially, our focus was on addressing the unique investment risks facing businesses operating in Africa. Over the years, ATIDI has grown into a key player in the risk mitigation sector, offering a comprehensive range of services, including insurance, reinsurance, coinsurance and other financial instruments. 

We underwent a strategic rebranding from ATI to ATIDI (African Trade & Investment Development Insurance), emphasising our role in supporting investment growth and reflecting a broader commitment to our developmental mandate with a renewed focus on fostering sustainable economic growth across Africa. 

ATIDI plays a vital role in unlocking Africa’s economic potential by de-risking trade and investment, supporting renewable energy, and enabling access to affordable development finance. 

With over $88bn in mobilised investment and a strong contribution to key SDGs, our impact is clear. Our new brand reflects this growth and transformation – but our commitment to Africa’s sustainable, people-centred development remains steadfast.

Regional integration remains a key priority for Africa. How is ATIDI supporting the African Continental Free Trade Area (AfCFTA) and other initiatives aimed at enhancing intra-African trade and cooperation?

Collaboration is fundamental to advance Africa’s economic development, which is why we actively engage with continental institutions such as the African Union (AU), the African Development Bank (AfDB), and various regional economic blocs including AfCFTA. We aim to create an environment conducive to trade, investment and sustainable growth across the continent. 

ATIDI’s product suite (political risk insurance and credit enhancement tools) helps reduce the risks associated with cross-border trade and helps navigate the complexities of intra-African trade, making it easier for companies to engage in and benefit from the opportunities created by the AfCFTA, the largest single market in the world by number of countries. 

Through providing reinsurance capacity to COMESA’s Regional Customs Transit Guarantee (RCTG-Carnet) Scheme Pool, which is managed by ZEP-RE, we also work to eliminate trade barriers and streamline goods movement across borders, further boosting intra-African trade.

ATIDI is playing a crucial role in supporting AfCFTA and promoting economic integration by providing insurance solutions, capacity building and facilitating investment.

Risk perception often hinders investment in Africa. In what ways is ATIDI working to shift investor mindsets and provide confidence to international and intra-African investors?

Risk is an inherent aspect of any investment, and it is by no means unique to Africa.

We help mitigate real and perceived risks, offering investors the security they need to move forward with projects and investments in Africa. We work closely with international and local stakeholders, both public and private, to create an environment of trust and stability, ultimately making Africa a more attractive investment destination.

Additionally, ATIDI’s strong credit rating from S&P and Moody’s, preferred creditor status, robust governance and adherence to ESG principles reinforce investor confidence. Our commitment to transparency, accountability and sustainable practices underscores our dedication to fostering a stable and reliable investment environment across Africa.

Through these efforts, ATIDI is actively reshaping risk perceptions and helping to redefine the narrative around trade and investment in Africa – demonstrating that the continent offers viable, sustainable and profitable opportunities for long-term growth.

Sustainability has become central to economic planning. How does ATIDI incorporate environmental, social and governance (ESG) considerations into its underwriting and operational strategies?

We place a strong emphasis on sustainability and integrate ESG considerations into both our underwriting and operational processes and strategies. As part of our commitment to responsible business practices, we evaluate ESG factors when assessing potential risks and opportunities for our projects/transactions, ensuring that our services align with sustainable development goals.

In underwriting, we actively assess the environmental impact of projects to identify potential environmental risks and opportunities associated with the investments. 

By incorporating these ESG considerations, we aim to support projects and transactions that contribute to the long-term sustainability of the environment while providing risk protection for investors. ATIDI promotes sustainable practices, and we encourage our clients and stakeholders to adopt environmentally friendly policies and procedures.

On the social front, ATIDI prioritises initiatives that create positive social outcomes. We prioritise projects that align with the SDGs and actively contribute to the well-being and development of local communities.

Governance is central to our operations, and ATIDI upholds rigorous corporate governance standards, ensuring transparency, accountability and ethical business practices. Our internal policies reflect these values, and we encourage stakeholders to embrace the same high standards in their operations.

Overall, ATIDI contributes to a more sustainable and inclusive economic environment, reinforcing our commitment to long-term positive impact across Africa.

From a leadership standpoint, how do you balance ATIDI’s mandate to deliver commercial returns while fulfilling its broader developmental objectives?

These goals are not mutually exclusive –balancing commercial returns with developmental impact is both complementary and central to ATIDI’s overall strategy.

This exercise requires a careful and strategic approach that integrates financial sustainability with the long-term goal of fostering economic growth across Africa. 

As a leader, the focus is on ensuring that our core mission of mitigating trade and investment risks and supporting sustainable development remains central to every decision we make.

To achieve this balance, ATIDI employs a dual strategy: we ensure that our services provide competitive returns for investors, while also prioritising projects that align with our stakeholder’s broader developmental goals in a sustainable manner. 

By aligning our commercial objectives with the continent’s development needs, we ensure that we are contributing to projects that promote sustainable growth, while simultaneously securing commercial success for ATIDI and our partners.

Ultimately, the leadership at ATIDI is committed to maintaining this balance by constantly evaluating our business and partnerships through the lens of both development impact and profitability, ensuring that we remain a driving force for positive change in Africa’s economic landscape.

Can you share some recent success stories that best illustrate ATIDI’s impact on economic transformation in member countries?

ATIDI has been instrumental in driving economic transformation across Africa through a range of flagship projects that showcase our impact on the continent’s growth and development. A few recent success stories include:

PoRSA (Portfolio Risk Sharing Agreement) programme: In collaboration with KfW Development Bank and the African Union, ATIDI has launched a guarantee facility aimed at empowering SMEs across Africa. 

By offering insurance to African commercial banks, this initiative helps unlock access to credit for small and medium-sized businesses, which are critical to driving job creation and economic diversification. This project has been particularly impactful in enabling SMEs to scale their operations, boost productivity and contribute to local economies.

RLSF (Regional Liquidity Support Facility): ATIDI has supported small renewable energy Independent Power Producers (IPPs) across Africa by providing guarantees that cover the liquidity risk of off-takers. This initiative has been pivotal in facilitating the growth of sustainable energy projects, helping to meet the continent’s growing energy demands while contributing to its environmental goals. The support provided has directly contributed to the successful implementation of numerous renewable energy projects. 

With $24.7m in approved guarantees   enabling $373.1m in total financing, RLSF directly contributes to several of the AfDB’s High 5 priorities: LIght Up and Power Africa, Industrialise Africa,  and Improve the Quality of Life for the People of Africa. The facility not only accelerates the energy transition but also strengthens public-private partnerships, empowering African countries to meet growing demand with resilient, clean-energy solutions.

Innovation in fiscal sustainability: We assist governments in managing debt reprofiling amidst economic and fiscal challenges. A recent example of this is our involvement in the Republic of Benin’s latest financing deal, where we provided a second-loss risk share for Deutsche Bank’s €507.5m loan to the country. This groundbreaking initiative addresses both the country’s immediate fiscal issues and long-term development goals. The transaction combines quasi-concessional financing to reduce borrowing costs with savings from debt service, which strengthen Benin’s long-term debt sustainability.

These savings are being strategically reinvested in environmentally sustainable projects under the country’s SDG Framework, in alignment with its commitment to the SDGs. 

This deal exemplifies the effectiveness of blended finance and collaboration, bringing together international organisations such as the World Bank Group (through its Guarantee platform), ATIDI, and commercial entities.

As the organisation expands its membership and services, how does ATIDI ensure alignment with the diverse economic priorities and developmental goals of African nations?

As ATIDI expands, we ensure alignment with the diverse economic priorities and developmental goals of African nations by leveraging our partnerships with governments of our member states, but also private sector players and regional institutions. Through ongoing consultations, we gain a deep understanding of each country’s specific needs and priorities, allowing us to tailor our solutions. This approach ensures that our services address both immediate economic challenges and long-term growth aspirations, while also contributing to the broader goals of regional integration and sustainable development.

Furthermore, ATIDI collaborates with regional economic communities and DFIs, ensuring that our efforts align with continental initiatives. We also incorporate SDGs into our core operations, supporting projects that foster economic growth, social inclusion, and environmental sustainability. 

By combining these strategies, ATIDI delivers solutions that meet the specific needs of each nation while contributing to the broader development and economic integration of Africa.

Looking ahead, what are your strategic priorities for ATIDI in the next five to 10 years, particularly in fostering a resilient, integrated and prosperous African economy?

Our strategic priorities are centred on fostering a resilient, integrated and prosperous African economy through a combination of innovation, collaboration and sustainability. 

First, we will continue growing our footprint, on our journey to one day counting every African country as a member state of our organisation.

Then, we aim to continue expanding our risk mitigation services to address the evolving needs of both public and private sector stakeholders, ultimately strengthening Africa’s economic resilience.

In addition, ATIDI will focus on deepening partnerships with governments, regional economic communities and development partners. By improving access to financing for SMEs, facilitating cross-border investments and fostering sustainable development, ATIDI is committed to driving intra-African trade and economic cooperation. 

Over the next decade, we will continue to strengthen our status as a key enabler of Africa’s economic transformation, promoting a more resilient, integrated and prosperous future for the continent.