The Arab Bank for Economic Development in Africa (BADEA) has acquired an equity stake in the Eastern and Southern African Trade and Development Bank (TDB), formerly known as PTA.
The deal between BADEA and TDB was ratified on the November 8 2018 during the second day of the Africa Investment Forum held in Johannesburg, South Africa.
BADEA becomes TDB’s twelfth institutional shareholder with an investment of US$ 10 million in the Trade and Development Bank.
Commenting on the development TDB president Admassu Tadesse said coming on board of BADEA is big milestone to the Bank since more resources will be mobilized to finance projects among the shareholder countries
“This is a historic milestone that takes us to a higher level of strategic partnership, Eastern and Southern African Trade and Development Bank also had 22 sovereign shareholders. We are delighted to welcome BADEA as our thirteenth institutional shareholder.” Admassu Tadesse said in statement
BADEA Chief Executive Officer Sidi Ould Tah said the partnership will see BADEA funding more transaction in Africa through the Trade and Development Bank
“We are excited to become part of the TDB we will co-finance more and more transactions in the months and years to come. The location of this signing (at the AIF), underscores our commitment to be part of this African Development Bank initiative and demonstrates that Africa is not just the future but the here and now,” he said.
The Bank’s membership comprises 22 member states from across Common Market for Eastern and Southern Africa (COMESA), East African Community (EAC) and Southern African Development Community (SADC), 2 non-regional members, Belarus and China, as well as 12 institutional shareholders. In addition to BADEA, the latter include the African Development Bank, Africa Reinsurance Corporation, Banco Nacional de Investimento (Mozambique), Mauritian Eagle Insurance Company, National Pension Fund (Mauritius), National Social Security Fund (Uganda), OPEC Fund for International Development (OFID), PTA Reinsurance Company, Rwanda Social Security Board, Sacos Group (Seychelles) and Seychelles Pension Fund.
BY SAMUEL NABWIISO