PTA Bank, Exim India sign US$15 million deal

The PTA Bank has signed a US$15 million with the Export Import Bank of India further boosting the Bank’s available resource base.

The deal brings the total lines of credit secured from Exim India to US$65 million, making Exim India PTA Bank’s largest provider of lines of credit todate. The facility will be accessible to the Bank’s clients for importation of equipment and other material destined for the Bank’s 17 member countries in the eastern and southern Africa region.

Dr. Michael Gondwe, the President of the PTA Bank, said that there has been an upward trend in the demand for Indian technology because of its suitability and competitive pricing.

The increased utilization of the lines of credit from Exim India is partly the result of the increased trade between India and Africa, and in particular the Bank’s member states as well as the Bank’s aggressive marketing strategy in the region.

The PTA Bank’s shareholding is spread out among 17 African member countries. In addition, the People’s Republic of China is a non-regional shareholder while the African Development Bank is the institutional shareholder.

The Bank has signed other line of credit agreements with other financial institutions such as The African Development Bank, FMO, and Japan Bank for International Co-operation, Development Bank of South Africa among others.

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