PTA Bank gets $50 million for Africa telecom development

The Eastern and Southern Africa Trade and Development Bank (PTA Bank) has signed a $50 million credit line from China Development Bank for telecom infrastructure and other projects in Africa.

PTA Bank is placing special emphasis on supporting the rapid growth of telecommunication in the region, according to bank president Michael Gondwe.
The line of credit is among the largest that the bank has received from a single institution, Gondwe said. The funding will support the bank’s regional business strategy, especially in sectors that require a large amount of funding, such as telecom and infrastructure, he explained.
With shared ownership by 19 African countries, PTA Bank funds development projects in member states, including Egypt, Eritrea, Malawi, Mauritius and Sudan.

“Our emphasis is on supporting the telecom sector because of its rapid growth, and its impact cannot be underestimated,” Gondwe said. “As a development bank, it is our intention to continue being active in the sector.”
So far, PTA bank has supported telecom projects in Kenya, Malawi, Tanzania, Uganda and Zambia amounting to $90 million.

The IDG News