33.9 C
Wednesday 6 July 2022
HomeAfricaAfDB approves US$70m to finance projects

AfDB approves US$70m to finance projects

The African Development Bank (AfDB) has approved a package to finance projects in member states of the Eastern and Southern African Trade and Development Bank, known as the PTA Bank, consisting of US$20 million in additional equity and a US$50 million line of credit.

The private Punch newspaper reported Friday that the financial package would allow the PTA Bank to finance a mix of small and medium scale enterprises as well as regional infrastructure projects.

In addition, the package will contribute to mobilising financial resources for development of the Tripartite Free Trade Area region, and ultimately contribute to economic development and generate employment opportunities.

The provision of the financial package builds on the existing strong partnership between the PTA Bank and AfDB based on synergies stemming from complementary sources of comparative advantage.

Established in 1985 as the financing arm of the Common Market for Eastern and Southern Africa (COMESA), the PTA Bank is based in Bujumbura, the capital of Burundi.

The bank’s shareholders include Burundi, Comoros Island, Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia and Kenya.

Others are Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda, Zambia and Zimbabwe.

AfDB and the People’s Republic of China are also shareholders of the bank.


Please enter your comment!
Please enter your name here

- Advertisement -