The signing of a new agreement punctuated the second day of the Africa Investment Forum (AIF) in Johannesburg, endorsing the entry of the Arab Bank for Economic Development in Africa (BADEA) into the capital of the Bank of Commerce and East and Southern Africa (formerly PTA Bank, now known as TDB for Trade and Development Bank).
Sidi Ould Tah, Director General of BADEA, and Admassu Tadesse, President of TDB, ratified the agreement on November 8, 2018.
“This is a historic milestone, moving us to a higher level of strategic partnership,” said TDB President. “We are delighted to welcome BADEA as the thirteenth institutional shareholder,” he added, adding that the East and Southern Africa Trade and Development Bank also has 22 sovereign shareholders.
“We are happy to be associated with the great success of TDB,” said Sidi Ould Tah, who was “impressed by the achievements of President Tadesse”. The head of BADEA stressed the speed with which this agreement was finalized, just four months after their meeting in Nairobi on the subject – proof, he added, of “the acceleration of our partnership”.
“We will co-finance more and more transactions in the coming months and years,” said the head of BADEA. And to continue: “The location of this signature symbolizes our willingness to be part of this initiative of the African Development Bank and shows that Africa is the present, not just the future.”
Admassu Tadesse welcomed this “signergizing”, contraction, in English, of the words signature and synergy. A formula that summarizes the prospects for enhanced collaboration between these two African multilateral banks.
Launched at the initiative of the African Development Bank, the Africa Investment Forum, taking place from 7 to 9 November 2018 in Johannesburg, South Africa, is the new investment market in Africa, multi-stakeholder and multidisciplinary , and transactional.
An international meeting of investment professionals in Africa – funding institutions, policymakers, project leaders and investors – the Africa Investment Forum showcases carefully selected projects for their ability to transform African economies. Objective: to make progress to make them bankable, raise capital and accelerate financial closure.
Kapital Afrik intends to deliver strategic financial information to executives and managers, through a daily newsletter and a website that covers all African finance.
