Regional bank rebrands, eyes mega projects

DAILY NEWS Reporter

TRADE and Development Bank (TDB), Principal Project and Infrastructure Finance Officer, Neema Siwingwa, addresses a press conference in Dar es Salaam yesterday to announce changes of trade name from The Eastern and Southern Africa Trade and Development Bank (PTA Bank) to TDB. Looking on is Trade and Development Bank (TDB), Director Corporate Affairs & Investor Relations, Mary Kamari. (Photo by a Correspondent)

THE Eastern and Southern African Trade and Development Bank has been rebranded to Trade and Development Bank (TDB) with key interest on financing Tanzania mega infrastructure and industrial projects.

The Bank’s Principal Project and Infrastructure Finance Officer Ms Neema Siwingwa said in Dar es Salaam yesterday that the bank, formally called PTA bank, is set to enhance its finance portfolio to support the government ambition on infrastructure and industrial development.

“The bank is committed to support the government priorities towards middle income country,” she said, adding that the rebranding meant playing more active role in promoting trade, economic development and regional integration.

The 4.0 billion US dollars worth bank’s balance sheet has todate financed various projects in Tanzania valued 180 million US dollars in three decades of its existence. Some of the projects include the National Housing Corporation (NHC) Kawe Satellite City development in Dar es Salaam.

It has also financed Tanzania Ports Authority (TPA) and state owned power utility firm (TANESCO) projects.

She said currently, the bank is finalising negotiation with one private sector investor to finance rural electrification project.

The TDB Director, Corporate Affairs and Investor Relations, Mary Kamari said the rebranding follows several years of improved asset quality, healthy profitability and innovation.

“We have increased our capacity to meet the rising demand for bank’s products and services, thanks to the strong funding partnerships built up with long term funders and investors,” she said.

She added, “The bank’s eq uity capital has tripled since we embarked on the current corporate plan five years ago,” The bank is seeking to increase funding to independent power and transport projects, agribusiness, industry and essential commodities like fertiliser, equipment across 21 member countries from tripartite region of COMESA, EAC and SADC.