12 January 2012

East Africa: Comesa's Regional Bank Gets New Chief Executive

PTA Bank, a top regional financial institution, has appointed Mr Admassu Yilma Tadesse as its new president and chief executive officer. He replaces Dr Michael Gondwe, who has completed two five year terms at the helm.

The trade and development bank of the Common Market for Eastern and Southern Africa (Comesa) countries provides medium term financing to its members to undertake infrastructural developments.

"PTA will have an important role to play in helping accelerate regional development and integration through its understanding of the member countries, trusted relationships and partnerships across the public, private, and international sectors," said Mr Tadesse in a statement to media houses.

Mr Tadesse joins the bank from the Development Bank of Southern Africa (DBSA), where he served as the senior group executive.

At DBSA, he started several initiatives that saw the Southern African countries' bank reposition itself to be crowned twice as best in financing the development of shareholder states.

PTA bank -- headquartered in Bujumbura, Burundi -- extends loans of between Sh435 million to Sh1.8 billion to governments and commercial entities in member countries for a repayment period of between three an 10 years.

Recently, PTA bank director for Kenya said the lender had advanced an estimated Sh16 billion to Kenyan companies, including Athi river mining, Uchumi supermarkets, K-rep bank , Family bank, Magana flowers and Mea fertilizers.

PTA bank Kenya also tapped Sh24 billion from international markets through a Eurobond to finance small and medium enterprises.

The institution had also helped in the formation of Gulf African Bank in Kenya, which was the first Muslim bank to dip its toes in Kenya, targeting the over 5 million Muslims.

Rwandan airline company RwandAir was also recently extended a Sh5.2 billion ($60million) loan for the acquisition of two aircrafts.

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