English

Development Bank signs framework agreement with PTA Bank on conditions for issuance of loans for financing purchases of Belarusian goods

The Development Bank of Belarus has signed a framework agreement with the Eastern and Southern African Trade and Development Bank, commonly known as the PTA Bank, on the general conditions for the issuance of export loans for purchases of goods and services from residents of the Republic of Belarus with insurance coverage provided by Belarus’ state-owned Export-Import Insurance Company (Beleximharant).

“The Development Bank has thus become the first Belarusian financial institution to establish close partnership relations in the field of foreign trade financing with one of the most influential banks in Southeastern Africa,” the press office of the bank says in a statement.

Headquartered in Bujumbura, the capital city of Burundi, the PTA Bank was established in 1985 pursuant to the 1981 Treaty on the Establishment of the Preferential Trade Area for the Eastern and Southern African States (PTA), which was later transformed into the Common Market for Eastern and Southern Africa (COMESA).

Although the PTA Bank is a COMESA institution, its membership is open to non-member states, as well as institutional shareholders. The Bank comprises the following member states: Burundi, Comoros, China, Djibouti, Democratic Republic of Congo, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda, Zambia and Zimbabwe.

The African Development Bank (ADB) is the only institutional shareholder. //BelaPAN