PTA bank increases investment to US$165m for local development projects

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Addressing a business seminar with local investors in Kigali, Rwanda, the Eastern and Southern Africa Trade and Development Bank (PTA bank), CEO, Dr. Admassan Yilma Tedessa said the bank will increase its investment from US$100m to US$165m this year. The funds will be channeled into Rwanda’s energy sector, real estate, mining, health, agro-business, infrastructure and the manufacturing sector. The bank has already been in partnership with industries such as RwandAir, Bank of Kigali, Cimerwa cement and Casablanca in Rwanda.

Loans will be awarded to eligible business and industries ranging from US$1m to US$95m. The loan repayment period will range from 3 to 5 years, and investments in strategic projects and infrastructure will be awarded US$143m and up to 15 years for the loan repayment period.

The bank says projects that create and promote intra-regional, and those that promote and develop indigenous and appropriate technologies and skills will be given a priority. This was said by Catherine Kimaryo who is the bank`s regional director.

Rwanda has pulled its economy up from the ruins of the 1994 genocide to become one of Africa’s most dynamic and fastest growing economies.

Admassu Tadesse said that the bank will continue financing long-term projects to support regional trade. PTA`s mission is to finance and foster trade, socio-economic development and regional integration across 18 member states. PTA Bank has its headquarters located in Bujumbura, Burundi and regional offices in Nairobi, Kenya and Harare.

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