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African Development Bank to invest €10 million in reinsurance firm CICA-Re | African Development Bank

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The African Improvement Financial institution has signed an settlement to spend money on the Joint Reinsurance Firm of Member States of Conférence Interafricaine des Marchés d’Assurances  (CICA-Re).

Below the settlement, the African Improvement Financial institution will take a 6.56-billion FCFA stake (roughly €10 million) in CICA-Re and be part of its board of administrators.

Karim Diarassouba, chief government officer of CICA-Re, signed on behalf of the corporate. African Improvement Financial institution Group Director of Monetary Sector Improvement Stefan Nalletamby signed for the establishment. The signing occurred on 9 June beneath the auspices of the Ivorian Minister of Financial system and Finance, Adama Coulibaly.  

The funding it’s anticipated to strengthen the underwriting capability of CICA-Re and contribute to the financing of its growth and growth throughout Africa.  It would additionally bolster the corporate’s contribution to the event of home capital markets by the retention of a considerable share of regionally generated reinsurance premiums. The funding will even implement CICA-Re’s environmental and social coverage, consolidate its governance and risk-management framework, develop its capability to offer technical help in insurance coverage and reinsurance, and assist efforts to diversify its reinsurance merchandise.

Stefan Nalletamby, the African Improvement Financial institution Group’s Director of Monetary Sector Improvement, stated, “This operation is among the African Improvement Financial institution’s strategic interventions to extend its contribution to the event of the African reinsurance sector by supporting robust African gamers like CICA-Re, which is able to rising to worldwide requirements.”

Karim Diarassouba, chief government officer of CICA-Re, stated, “This partnership with the African Improvement Financial institution is meant to strengthen the corporate’s monetary robustness and assist the expansion of the joint reinsurance firm’s actions, whereas enriching its multisectoral expertise.”

CICA-Re is a key participant within the growth of the insurance coverage and reinsurance sector. Its member nations are: Bénin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Gabon, Mali, Niger, Central African Republic, Senegal, Chad and Togo.

The funding aligns with the Financial institution’s strategic objective of deepening capital markets and selling more-robust and better-integrated African monetary establishments that supply more-diversified merchandise to assist the actual sector. CICA-Re is the third regional reinsurance firm wherein the Financial institution has made an funding. The opposite two are African Reinsurance Company (Africa-Re), of which the Financial institution is a founding member, and PTA Reinsurance (ZEP-RE).

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