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Friday, December 9, 2022

African Development Bank to invest €10 million in reinsurance firm Conférence Interafricaine des Marchés d’Assurances (CICA-RE)

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

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

Karim Diarassouba, chief govt 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 below the auspices of the Ivorian Minister of Economic system and Finance, Adama Coulibaly.  

The funding is predicted to strengthen the underwriting capability of CICA-Re and contribute to the financing of its growth and enlargement throughout Africa. It’s going to additionally bolster the corporate’s contribution to the event of home capital markets by means of the retention of a considerable share of regionally generated reinsurance premiums. The funding can even implement CICA-Re’s environmental and social coverage, consolidate its governance and risk-management framework, develop its capability to supply 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, mentioned, “This operation is without doubt one of the African Improvement Financial institution’s strategic interventions to extend its contribution to the event of the African reinsurance sector by means of supporting robust African gamers like CICA-Re, which is able to rising to worldwide requirements.”

Karim Diarassouba, chief govt officer of CICA-Re, mentioned, “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 (www.CICA-RE.com) 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 purpose of deepening capital markets and selling more-robust and better-integrated African monetary establishments that provide more-diversified merchandise to assist the actual sector. CICA-Re is the third regional reinsurance firm by which 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).

Distributed by APO Group on behalf of African Improvement Financial institution Group (AfDB).

Media Contact:
Faïza Ghozali
Communication and Exterior Relations Division
[email protected]

Technical contact:
Akane Zoukpo Sanankoua
Principal Funding Officer
Capital Markets Improvement Division
African Improvement Financial institution

This Press Launch has been issued by APO. The content material will not be monitored by the editorial crew of African Enterprise and never of the content material has been checked or validated by our editorial groups, proof readers or truth checkers. The issuer is solely answerable for the content material of this announcement.

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