The Trade and Development Bank, the former PTA Bank, announced plans to gain a larger presence in Ethiopia and strategies to continue financing public and private projects. The Bank announced that it is also increasing 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.
“Our rebranding represents our rejuvenation and recommitment to innovate and play a more active role in promoting trade, economic development and regional integration, at a critical time when the region is looking to more vigorously advance economic transformation and ratchet up the tapering growth,” said Admassu Tadesse, President and Chief Executive of the TDB.
Furthermore, Admassu underlined the need to have strong, African grown, financial institutions to drive economic growth and sustain the gains that have been accomplished in development so far.
“As a bank, we are not just interested in financial returns; we are also interested in economic returns. This is why we also focus on trade and integration. It is extremely important for the region,” Admassu said. It was further stated that the TDB will continue to support independent power and transportation projects in the region as well as agribusiness and industry alongside trade financing of essential commodities such as fertilizer, equipment, agricultural commodities and petroleum.
“We have sharply increased our capacity to meet the rising demand for the Bank’s products and services, thanks to the strong funding and strategic partnerships we have built up with investors. Our shareholder base has increased by more than 50 percent in recent years, with several new institutional investors and member states. Our equity capital has almost tripled since we embarked on the current corporate plan in 2012,” stated Mary Kamari, Director of Corporate Affairs and Investor Relations.
The now TDB bank has had provided large scale funding for public institutions in Ethiopia such as Ethiopian Airlines. It has now shown a commitment to do the same for other projects.
[Capital Ethiopia]