Senegal: BADEA, PTA Bank sign Memorandum of Understanding

Dakar, Senegal (PANA) - The Arab Bank for Economic Development in Africa (BADEA) and the PTA Bank, on Tuesday signed a Memorandum of Understanding (MOU) to enhance cooperation between the two Institutions regarding financing the Private Sector in the countries eligible for BADEA’s assistance and members of the PTA Bank.

The PTA is formally known as the Eastern and Southern African Trade and Development Bank.

Under the agreement, the PTA Bank will act as an intermediary for financing Private Sector projects using funding from BADEA, with the possibility for co-financing as well.

Furthermore, cooperation in the field of trade financing and the promotion of Arab/Africa Trade relations and exchange of information and experiences is envisaged as an objective of reinforcing the relationship between the two institutions.

The MOU was signed by Abdelaziz KHELEF, Director General of BAEDA, and Admassu TADESSE, President of the PTA Bank.

A statement, jointly issued by the institutions, said the cooperation between BADEA and PTA Bank started in 2009 with an operation of US$ 13 million. Then, BADEA provided US$ 83 million to finance four Lines of Credit for Arab exports to African countries.

PTA Bank, which aims at contributing to the development of COMESA Member Countries by providing projects and trade finance, is considered as the financial organ for the Group.

It is headquartered in Burundi and it has regional offices in Kenya, Mauritius and Zimbabwe.
-0- PANA PR/VAO 5Aug2014

05 august 2014 14:36:59

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