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We Are Ready – Ng’andu Assures TDB Shareholders

Republic of Zambia

WE ARE READY – NG’ANDU ASSURES TDB SHAREHOLDERS


LUSAKA, Tuesday, August 20, 2019 – Finance Minister Dr. BWALYA NG’ANDU says Zambia is ready to host the 35th Annual General Meeting of the Trade and Development Bank [TDB – formerly the PTA Bank] to be held in Livingstone on Thursday, 22nd August, 2019.

Meanwhile, Trade and Development Bank President ADMASSU TADESSE has arrived in Zambia. This afternoon, Mr. TADESSE held a bilateral meeting with Dr. NG’ANDU at the Ministry of Finance Headquarters in Lusaka.

Finance Minister Dr. Bwalya Ng’andu (l) welcomes TDB President Admassu Taddesse to MOF HQ

During the meeting, Dr. NG’ANDU reiterated the approval of Cabinet FOR Zambia to host TDB’s annual premier event. The Minister expressed country’s readiness to host various delegations from the twenty-two [22] member states and institutions shareholders from within the African continent and overseas.

Dr. NG’ANDU took the opportunity to express gratitude to Mr. TADESSE for successfully implementing transformational programs at TDB, some of which commenced during the TDB presidency of Dr. MICHAEL GONDWE; who later also served as Bank of Zambia Governor.

The Minister also stated that a lot is expected from TDB to help resolve the economic and trade challenges that some members countries are facing in energy, industrialization, and capital market development. He took the opportunity to brief Mr. TADESSE on the impact of last rainy seasons drought on energy generation in Zambia and neighboring countries. He said further that the phenomenal interest of the international community in African capital investments is an opportunity for institutions like TDB to strengthen their cooperation with member states.

Speaking at the same meeting, Mr. TADESSE said Zambia is one of the top five beneficiaries of TDB support in various sectors of the economy. He added that the country was chosen to host this year’s Board of Governors Annual General Meeting because the strategic role that it has played in the history of the bank.

The TDB president told the Minister that a huge financial dividend will be announced to the institution’s shareholders, Zambia included, during the event in Livingston. Mr. TADESSE added that being an investment grade institution, TDB is now in the process of examining various financing vehicles to support green energy investments at both regional and sovereign levels.

At the Livingston event, Dr. NG’ANDU is set to take over the Chairmanship of the TDB Board of Governors from Uganda’s Minister of Finance, Planning and Economic Development, MATIA KASAIJA. He will serve until the next Board of Governors Annual General Meeting in 2020.

Mr. TADESSE was accompanied to the bilateral meeting by TDB Corporate Secretary, Mr. TOM MUZUMARA and TDB Administrative Officer, Ms. MUNDAULA KAUNDA.

Issued by:

Chileshe Kandeta
Spokesperson
MINISTRY OF FINANCE