August 29, 2016

Sumitomo Mitsui Banking Corporation

 

Signing of a Memorandum of Understanding with the Eastern and Southern African Trade and Development Bank

 

Tokyo, August 29, 2016 -- Sumitomo Mitsui Banking Corporation (SMBC, President and CEO: Takeshi Kunibe) announced today that it had signed a new Memorandum of Understanding (MOU)  with the Eastern and Southern African Trade and Development Bank (“PTA Bank”) on August 26, during the Sixth Tokyo International Conference on African Development (TICAD VI). 

 

SMBC first entered into a MOU with the PTA Bank on March 14, 2014, with the purpose of cooperating in trade finance. The collaboration over the years, such as financing African agricultural produce exports, has been contributing to the sustainable growth and development of Africa’s economy. Under the new MOU, the scope of business collaboration will expand to include Export Credit Agency finance, advisory services, and client referrals.

 

The PTA Bank is a regional development financial institution with a mandate to finance and foster trade, socio-economic development, and regional economic integration across its 19 Regional Member States located mainly in Eastern and Southern Africa. The PTA Bank has been leading the region’s economic growth by providing financial services that support important development projects and trade transactions undertaken by its Member States’ public and private sectors.

 

By strengthening its partnership with the PTA Bank under the new MOU, SMBC will be able to better support its clients’ business activities regarding Africa, including expanding trade and realizing opportunities.  

 

　

Overview of the PTA Bank

 

Established:                 1985

Headquarters:              Bujumbura, the Republic of Burundi

Regional Members:       Burundi, Comoros, Djibouti, Congo, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Mozambique, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda, Zambia, and Zimbabwe