The Eastern and Southern African Trade and Development Bank, commonly known as PTA Bank, has changed its official brand name to TDB (Trade and Development Bank).
The leading regional multilateral development finance institution (DFI), which has been in operation for just over three decades, has also announced that it will continue to increase financing for priority sectors such as infrastructure, manufacturing, industry and agribusiness across the 20 member states it operates in over the next five years.
“Our rebranding represents our rejuvenation and renewed commitment to innovate and play a more active role in promoting trade, economic development and regional integration at a crucial time when the region is looking to more vigorously advance economic transformation and ratchet up the tapering growth” said Admassu Tadesse, Trade and Development Bank President and Chief Executive Officer.
He added that in recent years, the bank has been giving a big boost to its financing of trade, enterprise and infrastructure, which is evidenced in the tripling of loan assets in the past five years.
In the process, the institution has made substantial contributions to the rising economic growth and infrastructure development in the region in line with regional and international development strategies.
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.
Other projects funded including the Burundi Fibre Optic Backbone Project and Kilwa Power in Tanzania.
The bank has also financed numerous agribusiness projects throughout eastern and southern Africa, notably Malawi and Sudan, and provided important asset finance facilities to the air-transport sector in the region, with Rwanda Air, Kenya Airways and Ethiopian Airlines benefitting.
“We will continue scaling up with continued attention to sustainability and good corporate governance,” said Tadesse.
The rebranding follows several years of improved asset quality, healthy profitability and innovation on the back of a series of institutional reforms aimed at strengthening and modernizing the Bank.
Tadesse explained the bank has significantly increased its capacity to meet the rising demand for products and services thanks to strong funding partnerships with long term funders and investors.
This has seen its shareholder base increased by more than 50 per cent in recent years, with several new institutional investors and member States.
Jamii Bora Bank Limited (JBBL), a fast growing SME focused bank, has received a Sh600 million equity [ ... ]
The Capital Markets Authority (CMA) has received recognition for being the Most Innovative Capital M [ ... ]
Kenya is facing serious unemployment and underemployment challenges. According to the 2017 Human Dev [ ... ]
One of the biggest mistakes we business people make is executing the plan/do model. We plan, and the [ ... ]