NAIROBI, August 14 -The PTA Bank has received a Sh3.3 billion credit line from China Development Bank to fund projects in the telecommunication, mining, infrastructure and other key sectors of the bank’s member states.,
The regional bank’s President Bank Michael Gondwe said greater emphasis would be placed on projects in the fast-growing telecommunications sector.
“The development impact of improving telecommunication networks cannot be underestimated and, because we are a development bank, it is our intention to continue being very active,” said Gondwe.
So far, the bank has supported telecommunications projects in Kenya, Malawi, Tanzania, Uganda and Zambia.
“To date we have committed close to $90 million (Sh6 billion) to the telecommunications sector in the sub-region,” said Gondwe.
“We have also supported horticulture farming in Kenya which is a thriving sector,” he said
The bank’s authorized capital base was recently boosted by its shareholders to $2 billion (Sh130 billion).
This, said the President, will further enhance the bank’s resource mobilisation capacity through leveraging on the much stronger balance sheet.
PTA bank, otherwise known as the Eastern and Southern African trade and Development Bank is owned by nineteen shareholders, seventeen of whom are member states from the region.