The Eastern and Southern African Trade and Development Bank popularly known as PTA, has changed its official name to Trade and Development Bank (TDB).
TDB has also announced that it will continue to increase financing for priority sectors such as infrastructure, manufacturing, industry and agribusiness across the 20 member states where it operates.
Speaking after the official announcement at Bingu International Conventional Centre (BICC) in Lilongwe on Friday, Director for TDB Southern Africa, Gloria Mamba said with the rebranding, it is clear TDB will facilitate trade and focus on development.
“As we expand our membership base, it is appropriate that we do not limit ourselves to geography. We have been operating in Malawi for over 25 years in various sectors. At the moment, our current portfolio includes telecommunication, agri-business, banking and financial services.
“We continue to look at the opportunities in infrastructure, particularly power, transport and logistics, and we will be looking at some further opportunities in industry manufacturing,” said Mamba.
She said TDB portfolio is at the moment working with government, saying they are proud of this association. She further said TDB would like to see a more diverse portfolio supporting a range of activities including those in the private sector.
“I think we will continue to work in agri-business because we remain so dominant in the economy but there are different factors in agri-business in some sectors we have not yet touched, we have been focused very much on the traditional tobacco and would like to see expansion beyond that,” said Mamba.
Non-executive Member, Director for TDB representing Malawi, Burundi, Ethiopia and Seychelles, Peter Simbani, said Malawi is doing fine in terms of accessing finances.
“But you may want to appreciate the fact that TDB does not give concessional loans, they give non-concessional loans and as such, there are some limitations on the part of government to benefit from the financing.
“But TDB has been supporting the private sector such as Malawi Leaf which has recently benefited from the institution in terms of financing,” explained Simbani.
He said he was aware that some farmers and companies have benefited from the bank by procurement of fertilizers in this year’s FISP program.
According to the official, TDB has also been working closely with the Reserve Bank of Malawi (RBM) in areas that are aimed at boosting agriculture in the country.
Simbani explained that TDB is working on a success arrangement where more resources will be provided to support more players bent on promoting exports in the country.
TDB has raised more than USD 120 million (over K88 billion) since the creation of Class B shares in late 2012.Follow and Subscribe Nyasa TV :