July 7, 2026 – Nairobi, Kenya – At the 26th Annual General Meeting of the African Trade & Investment Development Insurance (ATIDI), President William Ruto of Kenya issued a clarion call for Africa to strengthen its financial institutions and fund its development on its own terms. The meetings, which took place in Nairobi from 30 June to 3 July, proceeded under the theme: “Empowering Africa: Risk Managed, Growth Unlocked”.
“For years, we have called for a fairer global financial architecture, one that stops mispricing African risk and making our capital needlessly expensive. That call remains right. But Africa cannot wait for reform elsewhere. While the world debates reform, Africa must build,” Ruto said at a gala dinner at State House held to commemorate ATIDI’s 25th anniversary.
President Ruto endorsed the establishment of the New African Financial Architecture for Development (NAFAD), an initiative launched by Dr. Sidi Ould Tah, President of the African Development Bank Group (AfDB) in April 2026. The NAFAD aims to call African institutions to work together to strengthen the continent’s risk-sharing mechanisms, to reduce the continent’s borrowing costs, and to unlock domestic capital at scale for Africa’s development.
Africa holds nearly USD4 trillion in long-term domestic savings through pension funds, insurance assets, and central bank reserves. Much of this capital is, however, invested overseas, despite Africa facing an annual financing gap of more than USD400 billion.
“Africa does not suffer from a shortage of capital. Africa suffers from a shortage of institutions capable of transforming risk, mobilising savings and connecting them to productive investment,” President Ruto said.
Kenya pledges increased support
President Ruto said that NAFAD would help plug this USD400bn financing gap by leveraging the collective strengths of the continent’s leading multilateral financial institutions to catalyse increased domestic and global investment.
At the heart of NAFAD is the Alliance of African Multilateral Financial Institutions (AAMFI), which brings continental powerhouses like the AfDB, Afreximbank, Africa Finance Corporation, ATIDI, and others. President Ruto announced that, in support of the alliance, the Government of Kenya had approved the establishment of its Secretariat in Nairobi.
He singled out ATIDI’s strategic role in the alliance. “Within this Alliance, ATIDI occupies a uniquely strategic place. Investment follows confidence, and confidence follows credible risk mitigation.”
He called for ATIDI’s recapitalisation to USD2 billion, noting that every dollar invested in the continent’s guarantee architecture has the potential to mobilise ten dollars more in private capital.
“Today, I invite every Member State represented here to join Kenya in launching the Nairobi Capital Compact on African Economic Sovereignty. The Compact rests on five commitments: to progressively recapitalise ATIDI, to strengthen the AAMFI, to mobilise Africa’s domestic capital, to expand our guarantee and risk-sharing capacity, and to build globally competitive African multilateral financial institutions,” he said.
Kenya remains a strategic market for ATIDI, with the organization’s solutions unlocking more than USD7 billion in investments across energy, transport, manufacturing, agriculture, and trade sectors.
To deepen that partnership, President Ruto announced that Kenya will, subject to the necessary national processes, progressively increase its shareholding in ATIDI from USD25 million to USD65 million. He also presented ATIDI with the title deed for land for the construction of its permanent headquarters.
A legacy worth protecting
In his address at the AGM’s opening ceremony, ATIDI CEO Manuel Moses reflected on the silver jubilee. He said that the organization had “demonstrated that African solutions are often best placed to address Africa’s unique challenges and opportunities.”
Since its inception, ATIDI has catalysed more than USD93 billion in private investment across Africa through innovative risk mitigation instruments like political risk and credit insurance that strengthen investor confidence. Its shareholder base, meanwhile, has grown from seven founding members to 24 African countries, 13 institutional members and 1 non-African member state. It also remains one of Africa’s highest rated insurers, having consistently maintained an investment grade rating with major global credit rating agencies since its founding.
“We have built our success on the ability to combine world-class standards with a deep understanding of African markets, designing solutions that reflect local realities while meeting the expectations of global investors,” he remarked.
This is a legacy worth protecting, he argued, highlighting the critical need for African countries to continue honouring ATIDI’s preferred creditor status (PCS). ATIDI relies on its preferred creditor status to ensure that member states prioritise obligations to it even during financial distress. This is what underpins investor confidence in ATIDI’s guarantees and is “fundamental to the business model”, Moses explained.
Moses expressed confidence in the institution’s financial strength, underwriting capacity, and strategic direction, citing its strong 2025 results.
In 2025, ATIDI recorded strong financial performance, with total exposure increasing to USD9.2 billion from USD8.9 billion in 2024, profit for the year rising by 20% to USD71.4 million, total assets growing by 20% to USD1.06 billion, and total equity increasing by 12% to USD883 million.
“Against a backdrop of continued global uncertainty and the lingering effects of the COVID pandemic, ATIDI delivered another year of resilient growth in 2025, with strong results across insurance revenue, investment income and total equity,” he said.
In his address, Professor Kelly Mua Kingsly, Chairman of the Board of Directors at ATIDI, argued that Africa’s economic advancement hinges on boosting investor confidence. The continent’s vast natural resources or attractive demographics may capture investors’ interest, but projects will not be financed unless investors have the confidence to commit funds.
“Africa’s greatest asset is confidence. If capital is the engine of development, confidence is its fuel. That is where ATIDI has found its unique purpose. We do not merely mitigate risk. We create confidence,” he said.
Leaders urge increased private investment
A central feature of the AGM was the Leaders’ Panel, which explored how Africa can build a more resilient and self‑sustaining development finance ecosystem amid shifting global capital flows, rising debt pressures, and growing demand for infrastructure and industrial investment.
Speaking on the panel, Dr. Sidi Ould Tah, President of the African Development Bank (AfDB), called for greater support to African financial institutions. He highlighted the role of institutions such as ATIDI in making Africa’s high‑potential industries more attractive to local investors, many of whom continue to deploy their funds overseas due to persistent misperceptions of risk on the continent.
The African Development Bank Group has recently decided to increase its participation in the capital of ATIDI five folds, becoming the largest institutional shareholder of ATIDI. AfDB will also support to grow membership in ATIDI. President Tah stated AfDB is “also mobilizing our partners to provide support to African countries who are not yet member of ATIDI to join ATIDI and to help them to pay for their participation in the capital of ATIDI.”
“The challenge before us is not a lack of capital or opportunities, but a persistent mispricing of the African risk, and this is leading to excessive cost of capital in the continent”, President Tah said. “Under the NAFAD framework, our ambition is clear: to unlock Africa’s capital by combining domestic and international resources while strengthening our financial sovereignty. This is how we will create jobs, accelerate industrial transformation, and build a more prosperous, resilient, and financially sovereign Africa.” President Tah also stated that within the NAFAD architecture, ATIDI plays an indispensable role.
President Tah urged leaders and policymakers to maintain a laser focus on creating an environment conducive to private investment. “This is why the African Development Bank Group is evolving from a traditional project financier into a catalyst for markets. We want to be the solution Bank for the Africa we want” he said. “Together with ATIDI and through guarantee and blended finance, we are demonstrating that every dollar of public finance can mobilise significantly more private capital for infrastructure.” President Tah added.
Professor Kithure Kindiki, Kenya’s deputy president, echoed the call for stronger private‑sector participation in Africa’s economic development, citing the fiscal constraints and debt pressures facing many African governments.
“The public sector doesn’t have enough resources to undertake some of the ambitions that we have, so that money will have to come from private investments,” he said.
The second day of the AGM was dedicated to investment promotion and business development and featured in-depth presentations on macroeconomic developments and proposed projects in Cameroon and Kenya. Projects in strategic sectors such as renewable energy, water, agriculture and transport were showcased.
The programme also included a series of curated Business-to-Business (B2B) and Business-to-Government (B2G) meetings designed to connect investors, businesses and public sector stakeholders.
