Addis Ababa (EBC)―The Eastern and Southern African Trade and Development Bank (PTA Bank) on Thursday signed a Memorandum of Understanding (MoU) that would enable it to open a regional office in Addis Ababa with Ministry of Foreign Affairs (MoFA).
At the event, PTA Bank President and CEO, Admasu Yilma said the agreement will help the bank to expand its insurance, re-insurance and financial services in East Africa.
Spokesperson of the Ministry of Foreign Affairs, Tewolde Mulugeta on his part said the regional office helps strengthen socio-economic integration.
He also remarked that the PTA Bank will expand trade and investment activities in Ethiopia by addressing equity, loan and guarantee services to the private sector as well as to the horn of African countries.
Established in 1985, the Eastern and Southern African Trade and Development Bank, commonly known as Preferential Trade Area Bank (PTA), is the financial arm of the Common Market for Eastern and Southern Africa (COMESA).
Currently, PTA Bank, African Trade Insurance Agency and COMESA Re-insurance Company are working in cooperation.◙ (ENA)
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