The African Trade & Investment Development Insurance (ATIDI), commonly referred to as the African Trade Insurance Agency, has announced the election of Professor Kelly Mua Kingsly as the new Chair of its Board of Directors.
The changes were confirmed during ATIDI’s 101st Board meeting on October 5, 2024, with Ms. Christina Westholm-Schröder appointed as Vice Chair.
It follows ATIDI’s Annual General Meeting, where new Board Members were appointed, with the inclusion of ATIDI’s first Independent Director meant to rubber stamp the firm’s strategic direction and governance as it continues its efforts to foster sustainable growth across Africa.
Prof. Kelly, currently serving as Director of Finance Operations at the Ministry of Finance’s Directorate General of Treasury in Cameroon, brings extensive experience to his new role.
He has been instrumental in shaping Cameroon’s public finance strategies, overseeing public revenue and expenditure, and spearheading finance reforms.
Additionally, his roles at the Central Bank of Central African States (BEAC) and as a representative for Cameroon at both the United Nations Development Program and the European Investment Bank for GEF projects highlight his leadership in managing climate finance and promoting debt resilience.
Also Read: ATIDI Backs $7.7 million Hydro Project in Burundi
In accepting the appointment, Prof. Kelly expressed his vision for enhancing corporate governance within ATIDI and promoting economic growth across Africa. He emphasized the importance of increasing ATIDI’s outreach and encouraged Central African Economic and Monetary Community (CEMAC) countries to consider joining the organization to strengthen regional cooperation and economic collaboration.
As the first Cameroonian to serve as Board Chair, ATIDI says Prof. Kelly’s leadership is expected to deepen relationships within the CEMAC region and the broader West African economic bloc. His focus on fostering collaboration and enhancing trade relations aligns with ATIDI’s mission of promoting regional integration.
Prof. Kelly succeeds Dr. Yohannes Ayalew Birru, who served two consecutive terms and oversaw significant growth in ATIDI’s membership and financial performance.
Under Dr. Birru’s leadership, ATIDI’s member states grew from 14 to 24, with gross exposure rising from $4.8 million to $9.6 billion, and assets increasing from $419 million to $837 million.
The newly elected Vice Chairperson, Ms. Christina Westholm-Schröder, brings over 35 years of experience in the political risk insurance industry. As Sovereign’s Chief Underwriter and Senior Vice President, she plays a crucial role in underwriting and fostering cooperation with multilaterals and export credit agencies.
ATIDI CEO Manuel Moses welcomed the new Board of Directors, noting that their collective expertise would be instrumental in shaping ATIDI’s future.
“With the Board’s diverse expertise, we expect to drive impactful initiatives that foster sustainable trade and investment across Africa,” Moses said adding that “together, we are poised to make a significant difference in the economic landscape of the continent.”
Moody’s and S&P Ratings Upgrade
In addition to the leadership changes, ATIDI recently received a rating upgrade from Moody’s, moving from A3/Positive to A2/Stable, while S&P affirmed its A/Stable rating.
These upgrades reflect ATIDI’s strong financial management and strategic direction and the Board’s support will be crucial in expanding ATIDI’s footprint across Africa and building new partnerships to enhance trade and investment initiatives.
