Promotional loan to PTA Bank

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On behalf of the Federal Ministry for Economic Cooperation and Development (BMZ), the KfW Development Bank business unit has signed a promotional loan of USD 60 million with the Eastern and Southern African Trade and Development Bank (PTA Bank). The bank will make this promotional loan available to companies in the COMESA states (Common Market for Eastern and Southern Africa), the SADC states (Southern African Development Community) and the EAC states (East African Community) to finance climate-friendly investments in the field of renewable energies and energy efficiency. With this promotional loan to the PTA Bank, KfW is laying the foundation for sustainable economic development in the East and South African countries based on renewable energies. At the same time, it is making an important contribution to strengthening the respective local financial sectors, said Dr. Norbert Kloppenburg, member of the Board of Management of the KfW Banking Group. Over the last decade, the African continent has experienced the longest and strongest period of growth since the 1960s, despite the global economic crisis and revolutions in North African countries. According to experts, this positive trend, which is particularly evident in the East and South African countries, will continue in the coming years. The prerequisite for this is that existing infrastructure deficits, including in the energy sector, are eliminated. The PTA Bank was founded in 1985 by the COMESA member states. The bank's task is to promote economic development and trade relations between member states. In addition to medium- to long-term project financing in the energy, transport and telecommunications sectors, this also includes financing cross-border trade activities.