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Germany,South Africa : PTA BANK plans to finance European exports to Africa

May 24, 2014

PTA Bank and KfW IPEX-Bank, a German bank, have entered into an agreement.

The agreement helps African countries to have more access to long-term financing for equipment and services from Europe. The deal focuses on delivering PTA Bank member states accessible to long-term financing for imports of equipment and services from Germany and Europe in general. The PTA owns 18 member states from eastern and southern Africa.

PTA Bank believes that such equipment will allow local businesses to boost productivity, value addition and competitiveness. Admassu Tadesse, CEO, PTA Bank, "This provides a good basis for growth and sustainable development in Africa while indirectly supporting German and European exporters."

He commented that the funding will promote trade and investment flows between the economies of eastern and southern Africa, and Europe.

"Our region is growing fast, and the demand for financing and capital goods is growing even faster. At the same time, PTA Bank has been upgraded, with higher credit ratings, increased capitalisation, expanded human capital, as well as improved risk management and governance - making us an increasingly attractive regional financial intermediary," he added.

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Source: TendersInfo (India)

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