Signing of a Memorandum of Understanding with the Eastern and Southern African Trade and Development Bank(1/1)
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 (gPTA Bankh) 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 Africafs 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 regionfs economic growth by providing financial services that support important development projects and trade transactions undertaken by its Member Statesf public and private sectors.
By strengthening its partnership with the PTA Bank under the new MOU, SMBC will be able to better support its clientsf business activities regarding Africa, including expanding trade and realizing opportunities.
Overview of the PTA Bank
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