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Tuesday, August 4, 2020

RB calls for more financing institutions on African continent

Economy RB calls for more financing institutions on African continent

Former Zambian Republican President Rupiah Banda has called for more Development Financing Institutions (DFI’s) to be established on the African continent in order to boost the industry and infrastructure.

Mr Banda noted that the projects funded by the bank do not only impact on national economies but also help improve household incomes, thereby addressing challenges such as poverty, hunger, illiteracy, and sanitation among others.

ZANIS reports that Mr Banda was speaking at the launch and rebranding of the Trade Development Bank (TDB) (formerly and commonly known as Preferential Trade Area PTA) in Ethiopia Addis Ababa  in his capacity as an advisor on the panel.

This is according to a speech obtained  by Press and Tourism Secretary at the Zambian Embassy in Ethiopia Naomi Nyawali.

The launch was also attended by Common Market for Eastern and Southern Africa (COMESA) Secretary General Sindiso Ngwenya and TDB president and CEO Admassu Tadesse at the Sheraton Hotel.

Mr. Banda praised TDB for the critical role it was playing to ensuring that Africa’s potential is unlocked but urged the bank to do more to close the huge financial gap that exists in the region.

“Certainly if anyone had any doubts about the Trade and Development Bank before, there is no need for further assurance that indeed the bank is playing a critical role in helping to unlock the potential of our region,” he said.

He further hailed the TDB president and his team for growing the bank from US$ one billion a few years ago to a US$ four billion tripling its balance sheet in five years.

The former President said the continent was living in an era where its financial institutions have grown and had been modernised to fulfill their mandates.

“I am therefore proud today to be associated with Trade and Development Bank (TDB) and I believe that our collective presence here is an indication of our support on this ambitious journey that TDB has embarked on today,” he said.

He noted that Africa’s population has grown from 550 million to 1.27 billion people with about half living in eastern and southern Africa since the bank founded.

Trade and Development Bank commonly known as PTA Bank is an African regional development financial institution established in 1985.

The Bank is an institution of the COMESA, and membership is open to Non-COMESA States, non-regional countries and institutional shareholders.

15 COMMENTS

  1. This ugly big head is only good at financing his own pockets with his follower lungu. Rb is the most corrupt president and now lungu is beating that record . These guys deserve death penalty. To all my followers I will be travelling to Norway next week for internal party issues with our Norwegian partners and to visit family and friends . Unlike drunk lungu by travels are paid for under my own pockets

  2. Mr. Banda, have you stopped stealing? Otherwise it will be a waste to invest and then politicians like you steal the investment

  3. Comment:NEZ,with those insults 2 elders I hope Satan will not catch up with u in de air,to pipo like u he can get u at anytime coz Gods protection is not there.

  4. Financial Institutions are welcome, but they must be there to favor the poor people too, not the elite few alone. Note: Ba Lusaka times, look into certain comments such like the ones from NED and Jay Jay they are no more issue based but hate, Insults and disunity.Stop publishing them. Thank you.

    • ZED and Jay Jay speak the whole truth and nothing but the truth.Like them,I will not willfully blind myself to the truth.
      Zambians are like Ostriches who bury their heads in the sand and think that everything is OK..

    • Miti: I agree with you. However, the work of the wicked is wickedness therefore no matter how you try to be good to everybody the wicked will still remain wicked because that is their nature. It’s a shame that we have people disrespecting adults in this manner no matter how much we hate them we can not go to such extent of insults and disrespect.

    • Calling a THIEF a THIEF is only an insult if it is NOT TRUE!

      When it IS TRUE it is being real witness to Gods kingdom and Justice.

      The wicked will be exposed by the truth!

  5. The fact that such a statement comes from RB makes the matter no longer credible. At one time the man was in-charge of UNIP assets and companies like Chibote, Duly Motors, Sorpelack etc but due to Rupias management all such companies went under. In addition the man has been posing as economist but the truth is that the man is not what he has been claiming to be. On such matters AU should learn to consult and be advised by credible people and RB is none of such.

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