TANZANIA ON PTA BANK PREFERENTIAL LIST

The Minister of State in President's Office (Relations and Coordination), Mr Stephen Wasira speaks to journalists in Dodoma yesterday at a news conference. The bank marks its 30th Anniversary this year with the Annual Ordinary Shareholders Meeting and Board of Governors meeting slated for Friday, this week. On the left is the bank's President and Chief Executive Officer (CEO), Admassu Tadesse and on the right is Deputy Minister for Finance, Mr Mwigulu Nchemba.

Dodoma — Tanzania is among top five recipients of loans dished by the Eastern and Southern African Trade and Development Bank (PTA Bank), thanks to impressive projects submitted to the regional financial institution by the country.

Among projects that have benefited from the institution are the ongoing construction of Terminal Three at the Julius Nyerere International Airport (JNIA,) which received US $30 million and the Tanzania Ports Authority (TPA) and Kilwa Energy Projects, which received US $20 and US $47 million, respectively.

"The bank has also dished out US $147 million to facilitate trade in the East African Community (EAC) region," the bank's President and Chief Executive Officer (CEO), Admassu Tadesse, told journalists at a news conference here on Tuesday.

He later told the 'Daily News' in a brief interview that Tanzania made it to the top five since it submitted projects which received endorsement from PTA Bank's Board of Governors.

The board evaluates projects submitted by member countries and approves those it sees are crucial in spurring development growth. With headquarters in Bujumbura, Burundi, the bank is the development finance institution of the Common Market for Eastern and Southern Africa (COMESA) and it operates in 18 countries in the region.

Established in the year 1984, the bank marks its 30th Anniversary this year with the Annual Ordinary Shareholders Meeting and Board of Governors meeting slated for Friday, this week, in Dar es Salaam.

The PTA Bank raises funds by issuing Euro Bonds in Europe and also from development banks in China, Belarus and from within the African continent.

Speaking at the news conference, the Minister of State in President's Office (Relations and Coordination), Mr Stephen Wasira, said PTA Bank has financed a number of projects in Tanzania covering energy, transport, manufacturing and communications, among others.

Flanked by a Deputy Minister for Finance, Mr Mwigulu Nchemba and the Permanent Secretary (PS) in the Ministry of Finance, Dr Servacius Likwelile, Mr Wasira said the regional institution has also been partnering with TIB Development Bank to support development projects in Tanzania.

"PTA Bank has recorded impressive performance over the years, growing at an average of 30 per cent per annum while bad debts have significantly decreased from 30 to 4.6 per cent," Mr Wasira explained.

The minister is expected to chair at the meeting on behalf of Finance Minister Saada Mkuya who is said to be out of the country. Participants at the meeting will include ministers of finance and central bank governors drawn from the 18 countries.

Dr Likwelile noted also that diplomats accredited to Tanzania, representatives of international organisations and other stakeholders have been invited at the opening session of the Annual Ordinary Shareholders meeting. The Board of Governors' meeting will be held privately.