TANZANIA: DAR TO HOST PTA BANK BOARD OF GOVERNORS ANNUAL MEETING

TANZANIA is expected to host the PTA Bank Board of Governors (BOG) 30th annual meeting to be held in Dar es Salaam on Friday this week.

According to a joint statement issued, the meeting to be held at the Julius Nyerere International Conference Centre (JNICC) will be preceded by a one-day business seminar at a Dar es Salaam hotel.

The Board of Governors is the supreme policy decision making body of the Bank, with the Ministers for Finance and Economy as the members of the Board.

Board of Governors meets on an annual basis to discuss and oversee banks strategic operations and statutory matters of finance and economy. The other Governing structures of the Bank are the Board of Directors and the management headed by the President and Chief Executive of the Bank.

PTA Bank is a wellestablished and high performing regional development financial institution, providing a blend of trade, infrastructure and enterprise finance within and among the Bank's member states.

The mission and objectives of the Bank are to provide developmental capital and financial services in the region, through customer focused and innovative financing instruments.

Currently, the bank has a balance sheet of US$ 2.8 billion, and is among the largest regional development banks in Africa. It has been growing at about 30 per cent per annum for several years, with healthy profits and low levels of non-performing loans.

It aims to be a leading specialized financial institution in Eastern and Southern Africa. The Bank's international credit ratings were upgraded in 2013 by Fitch Ratings, and the year before, by Global Credit Rating (GCR), South Africa.

The Bank is among the few African financial institutions that successfully issues bonds in the African and European capital markets and enjoys funding lines from over 30 financial institutions in Africa, Europe, Asia and North America. PTA Bank has been very active in Tanzania, working in partnership with local, regional and global financiers.

It co-finance with the CRDB Bank, the Ministry of Finance and have supported state-owned enterprises such as the Tanzania Port Authority and TANESCO in the expansion of infrastructure in the country, as well as private enterprises.

It has co-financed the replacement of the single-point mooring and pipeline system at Tanzania Ports Authority, which supports Tanzania and the movement of essential and other goods to and from Burundi, DRC, Zambia and Rwanda.