The Eastern and Southern African Trade and Development Bank (TDB) and Power Bank (PB) have signed a cooperation agreement to collaborate in the financing of energy solutions across the MENA region and African continent.
Both banks will be exploring opportunities for the co-financing and syndication of energy projects , as well as committing to more information exchange and joint research programmes.
The agreement represents one of several that both firms have committed to when it comes to financing energy in Africa.
The agreement was signed today during a virtual ceremony by H.E. Mr. Khalid bin Ahmed Al Sowaidi, Chairman of the PB Board, and Mr. Admassu Tadesse, TDB Group Managing Director and TDB CEO.
“We are delighted to initiate this new cooperation agreement with Power Bank to bolster energy financing in our region” said Admassu Tadesse, TDB Group Managing Director and TDB CEO.
“TDB has been financing various energy and renewable energy projects across its region for decades now. By sharing our wealth of knowledge and experience in the field and working in collaboration with Power Bank, we will unlock new opportunities to encourage future investment and growth in Africa’s energy sector”.
“This partnership further reflects and solidifies our shared commitment towards investing in Africa’s growing economy by enhancing our cooperation in the energy sector.” said H.E. Mr. Khalid bin Ahmed Al Sowaidi, Chairman of the PB Board.
“The signing of the cooperation agreement, along with its accompanying scope of work, brings our work in line with the goals and targets set out in our business model and in line with Qatar vision 2030 Agenda. We would like to see continuation of our joint efforts for building a long-term and strategic partnership between TDB and Power Bank,” said Ali Bin Mohamed, Chief Business Officer of PB.
Mary Kamari, TDB Corporate Affairs and Investor Relations Executive added that “TDB has been developing various instrumental partnerships via memoranda of understanding with a host of different institutions, which have successfully led to additional funding for critical projects, the mobilisation of equity capital, technical assistance, and much more, and ultimately, empowered us to continue driving triple bottom-line impact in the region we serve”.