The Chinese insurer provides insurance to loans extended by Chinese banks to finance infrastructure projects in the continent.
Tuesday 02, April 2019 BY KUDAKWASHE MUZORIWA
COMESA-backed African Trade Insurance Agency (ATI) said that China Export and Credit Insurance Corporation (Sinosure) is helping to spur Africa's economic growth, reported, Xinhuanet.
George Otieno, the CEO of ATI, said that Sinosure insures most of China Exim Bank loans to African countries, adding that without the insurance cover, Chinese banks would be reluctant to provide loans to African governments.
ATI has capacity to partner with Sinosure because last year it provided insurance cover to investment and trade projects worth KES 500 billion ($5 billion) in Africa, added Otieno.
Sinosure is likely to require partners in its insurance business in Africa in order to diversify its risk.