PTA bank finances $26 billion projects in Africa

The former PTA Bank, which re-branded itself to Trade and Development Bank (TDB) said it has financed $26 billion projects in the continent over the last ten years.

This is indicated at the country level re-branding event of the bank organized last night in Addis Ababa, Ethiopia at the Sheraton Addis Hotel.

Admassu Tdesse, President and CEO of TDB said that the rebranding of the PTA represents recommitment of the bank to innovate and play more active role in promoting trade, economic development and regional integration.

The bank has funded several renewable energy projects such as Turkana Wind Power in Kenya, Hydromax Minihydro in Uganda, and industrial projects such as cement and steel plants in DR Congo, Djibouti, Zambia, Rwanda, Ethiopia and Zimbabwe. Burundi Fiber optic Backbone Project and Kilwa Power in Tanzania are also among the projects financed by the Bank.

“In recent years we have made substantial contributions to the rising economic growth and infrastructure development in the region, in line with regional and international development strategies, notably those aimed at achieving the Sustainable Development Goals (SDGs) and Africa’s Vision 2063,” he said.

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

PTA bank (now named TDB) was established 30 years ago by some African countries as shareholders. Currently the asset of TDB has reached $4 billion from around one billion dollars about a decade ago.

The Eastern and Southern African Trade and Development Bank commonly known as PTA Bank is an African regional development financial institution established in 1985. The Bank’s mandate is to finance and foster trade, socio-economic development and regional economic integration across its Member States Although PTA Bank is an institution of the Common Market for Eastern and Southern Africa (COMESA), its membership is open to Non-COMESA States, non-regional countries as well as institutional shareholders.

Headquartered in Bujumbura (Burundi) with regional hubs in Nairobi (Kenya), Harare (Zimbabwe) and Ebene (Mauritius), PTA Bank’s current shareholders include: Burundi, Comoros, the Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Uganda, Zambia and Zimbabwe. Recently other countries such as Mozambique, have also joined the Bank.