The OPEC Fund for International Development (OFID) signed a membership and subscription agreement with the Eastern and Southern African Trade and Development Bank (TDB), subscribing to the bank’s Class B shares in capital stock amounting to $20 million.
Suleiman J Al-Herbish, Director-General of OFID, and Admassu Tadesse, President and Chief Executive of TDB, signed the agreement on the sidelines of the IMF/World Bank 2018 Spring Meetings in Washington, DC.
Al-Herbish said: “TDB has renewed its commitment to regional socioeconomic development in Africa and so represents a good fit for OFID. In 2017 alone, OFID approved US$695.6 million for development operations in Africa and a total of 32 African countries shared this amount. We remain committed to the continent.”
This investment enhances a nine year partnership with TDB, during which time OFID has approved lines of credit totaling US$130 million to the bank for the benefit of countries in East and Southern Africa.
Tadesse said: “We are delighted with the expanded partnership between OFID and TDB, which has now been elevated to a strategic level. The accession of OFID to the membership of TDB is a reflection of the increased commitment of OFID to our fast growing region and recognition of TDB as a regional development finance partner and intermediary of choice. “The deepening of our partnership will unlock more synergies as we jointly advance trade, infrastructure, agribusiness and manufacturing, toward the realization of the sustainable development goals (SDGs) in eastern and southern Africa.”