Government of Uganda Seals Deal with ZEP-RE
Government has formalized an agreement with ZEP-RE, a leading reinsurer in Africa and a COMESA institution, aiming to enhance various financial initiatives including agricultural insurance and credit rating support.
Ugandan government signs an agreement with ZEP-RE
The Ugandan government has formally entered into an agreement with ZEP-RE, a prominent reinsurer in Africa and a specialized institution of the Common Market for Eastern and Southern Africa (COMESA).
Representing the Ugandan government, Finance Minister Matia Kasaija and State Minister of Foreign Affairs Henry Oryem affixed their signatures to the host agreement alongside ZEP-RE Managing Director Hope Murera in Kampala on Wednesday, March 13, 2024.
Kasaija expressed optimism regarding ZEP-RE’s potential to bolster various initiatives, including agricultural insurance, enhancing Uganda’s credit rating, mitigating risks within the financial sector, and providing technical expertise, among other services.
Finance Minister Matia Kasaija and ZEP-RE Managing Director Hope Murera after signing an agreement in Kampala on Wednesday, March 13, 2024.
A statement issued by the ministry, shared via official channels including X, formerly known as Twitter, emphasized Uganda’s status as a founding member of the COMESA institution, established in 1990.
The primary aim of the host agreement is to facilitate the expansion of ZEP-RE’s operations within Uganda. The company, currently established in nine capitals and servicing 50 countries, is strategically positioned to contribute significantly to Uganda’s insurance and reinsurance landscape.
Furthermore, the ministry anticipates that hosting ZEP-RE or PTA Reinsurance Company within Uganda will stimulate growth in the insurance and reinsurance sectors, generate employment opportunities, and enhance local capacity in insurance-related endeavors.
Originally established under the Preferential Trade Area, a precursor to COMESA, the company’s mandate encompasses the development of insurance and reinsurance industries alongside capacity-building initiatives.
