Ethiopian obtained USD 22 million

Ethiopian Airlines has secured USD 22 million loan from the PTA Bank, the Eastern and Southern Africa Trade and Development Bank on Monday, September 9, 2012. The loan will go to financing the first phase of the Airlines housing project which aims to build 1,192 houses for its employees, according to Ethiopian CEO Tewelde Gebre-Mariam.

“The housing project is part of the effort the Airlines is undertaking to retain its human resources, who otherwise migrate to the developed world in search of better facilities that include housing,” Tewelde explained.

Apart from Ethiopian Airlines, Habesha Cement will be another beneficiary of PTA Bank's loan services.

“Ethiopia is one of the largest member states of the Bank both by population and by GDP. While the Bank has not been in a position to do much in Ethiopia in the past, the strong growth in the Bank's capital and the expanded investment opportunities in the fast growing economy should enable us to do more,” Admassu Tadesse CEO of the bank said on the occasion.

Meanwhile, PTA Bank is holding its 29th board of directors general meeting here in Addis Ababa. During the five-day meeting, PTA Bank is expected, among others, to hold a business seminar which intends to create a platform for the Ethiopian business community to meet with senior management of the Bank and share information about the Bank's products and services.

The meeting which is jointly organized with the Ministry of Finance and Economic Development (MoFED) was decided to take place for two reasons according to the PTA bank President. Firstly, Ethiopia is a founding member of the Bank, and periodically joins other member states to hold annual meetings of the Bank and in the process engender information and knowledge exchange between the bank, stakeholders and business community in the host country. Secondly, 2013 is the golden Jubilee of the AU and the bank welcomed the opportunity to take the occasion to descend upon Addis Ababa to join in the year-long celebration of 50 years of regional integration- an objective the bank was set up to advance.

Opening the meeting, Finance and Economic Development State Minister Ahmed Shide said that the main challenge facing the private sector in Ethiopia and other African countries at large is provision of finance required for their investment.

“Despite its impressive growth performance, Ethiopia, like most African countries has not made significant progress in mobilizing domestic resources for development,” Ahemed said adding this calls for mobilization of external resources through various means including foreign direct investment, grants and loans. “It is my pleasure to recognize PTA Bank as one of the key development partners helping our private sector, in providing finance required for investment in various sectors.”

PTA Bank was established 29 years ago as the bank of the Common Market for Eastern and Southern Africa (COMESA). With 10 Pct of its share, Ethiopia is a founding member of the bank which has now a total of 17 member countries and two stakeholders, namely the Peoples Republic of China and African Development Bank.

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