Trade and Development Bank to Focus on Africa’s Long Term Growth Projects

Trade and Development Bank to Focus on Africa’s Long Term Growth Projects

President of the Eastern and Southern African Trade and Development Bank, Admassu Tadesse has said the Bank is looking to participate in long term funding for infrastructural development projects in Uganda and Africa.

Speaking at the 34th annual General meeting for the regional Governors in Kampala, the president noted that although TDA has financed major projects in Uganda, these have been mainly on short term trade financing.

TDB is a trade and development financial institution in Africa that was formed in 1985. The bank is owned by major African states, Security funds and other private companies.

The president noted that despite economic challenges in the states where the bank operates, it has been able to surpass its targets.

Currently the bank is growing at a 24% annually, 3 times more than the GDP growth of the region.

According to the outgoing chairman of the board Maurice Lousta-lalanne, the bank has achieved all its five year targets with its assets growing from $1.8b to $ 2.5b.

The bank has also reduced its non-performing loans from 3.89% to 2.39%.

Finance minister, Matia Kasaija who is also the incoming Board of governors TDA said the bank has been a very supporting partner for Uganda with over 12 transactions in Banking, Manufacturing, trading, Agribusiness, health sector and real estate.

“TDA helped us with $ 200m in finance part of our budget. They also helped us in setting up the Kampala Cement which has improved our cement production. There are many projects but those are the major ones”

More details: https://chimpreports.com/trade-and-development-bank-to-focus-on-africas-long-term-growth-projects/

 

Share this post

Comment

Your email address will not be published. Required fields are marked *