PTA Bank now in Mauritius
The online information site, www.afriquejet.com reports that the Common Market for the Eastern and Southern Africa (COMESA) Trade and Development Bank, commonly known as the PTA Bank, has established its fourth regional office in Port Louis..
Similar offices are already operational in Burundi, Kenya and Zimbabwe.
An agreement was signed yesterday by the Mauritian Finance and Economic Development Minister, Xavier-Luc Duval, and the President and CEO of the PTA Bank, Admassu Tadesse.
Duval stated that the opening of the regional office of the PTA in Port-Louis was in line with the Mauritius Africa strategy aimed at attracting more regional institutions to further help transform Mauritius into a regional financial centre.
He recalled that the island had developed a very dynamic and well-defined strategy while positioning itself on the map in Africa.
‘In addition to its strategic location, Mauritius should also learn from its African neighbours. It is the ideal location to attract renowned regional institutions to cover the region owing to its good governance, financial and political stability and legal structure,’ he observed.
Also speaking, Tadesse explained the rationale behind setting up a regional office in Mauritius, saying the island is seen as a leading hub for financial services as well as facilitating trade in the region.
‘The PTA Bank will use Mauritius as a strong platform to advance regional economic integration and growth through trade and investment in the region,’ he said.
Tadesse also spoke of the five-year corporate plan of the Bank which is to reposition it as a tripartite Bank and expand its membership and its operational strategy and targets as well as its recent funding and capital markets transactions.
The PTA Bank’s headquarters in Burundi was established in 1985 with the aim to facilitate export and import trade flows from, to and within the COMESA region.
It currently covers 18 countries in Southern, Central, Eastern and North Africa and provides project and infrastructure finance and trade finance as its core products and services.
To date, the Bank has provided around US$ 10 billion for financing trade and socio-economic investments in the region.
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