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Trade and Development Bank boosts growth and infrastructure development in Eastern and Southern African region

March 28, 2017

By Wallace Mawire

Admassu Tadesse, President and Chief Executive Officer of PTA (Photo: defimedia)

Admassu Tadesse, President and Chief Executive Officer of TDB (Photo: defimedia)

The rebranded Trade and Development bank (TDB), formerly the Eastern
and Southern African Trade and Development Bank, commonly known as PTA
bank has reportedly made substantial contributions to the rising
economic growth and infrastructure development in the eastern and
southern African region.

Admassu Tadesse, President and Chief Executive of TDB says the
bank’s development contributions are in line with regional and
international development strategies, especially those aimed at
achieving the Sustainable Development Goals (SGDs) and Africa’s vision
2063.

Tadesse said that the bank has funded some of the several landmark
renewable energy projects such as Turkana wind power in Kenya,
Hydromax mini-hydro in Uganda, industrial projects such as cement and
steel plants in the DRC, Djibouti, Zambia, Rwanda, Ethiopia and
Zimbabwe.

He also said that other landmark projects funded by the bank include
the Burundi fibre-optic backbone project and Kilwa power project in
Tanzania.

“We will continue scaling up with continued attention to
sustainability and good corporate governance,”Tadesse added.

The regional multilateral development finance institution has also
announced that it will continue to increase financing for priority
sectors such as trade, infrastructure, manufacturing, industry and
agribusiness across the 20 member states it operates in, over the next
five years.

The bank has also financed the recently commissioned $85 million new
Pretoria Portland Cement (PPC) Harare cement plant, a world class,
state of the art facility that boasts of the latest technology in the
construction industry.

Other initiatives supported by the bank include agribusiness projects
throughout eastern and southern Africa, notably in Malawi and Sudan.

The bank also provided important asset finance facilities to the air
transport sector in the region, with Rwanda air, Kenya and Ethiopian
airways benefitting.

The PTA bank now TDB is an African regional development financial
institution established in 1985.

Its mandate is to finance and foster trade, socio-economic
development and regional economic integration across member states. It
is also an institution of the Common Market for Eastern and Southern
Africa (COMESA).

The bank’s membership comprises of 19 member states which include
Burundi, Comoros, the DRC, Djibouti, Egypt, Eritrea, Ethiopia, Kenya,
Malawi, Mauritius, Mozambique, Rwanda, Seychelles, Somalia, Sudan,
Tanzania, Uganda, Zambia and Zimbabwe.

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