Nairobi/ Doha, February 9th 2021 – The Eastern and Southern African Trade and Development Bank (TDB) and Power Bank (PB) have signed a cooperation agreement with the aim to unlock new collaboration in the financing of energy projects in the region served by both institutions.
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.
More specifically, the institutions will be exploring opportunities for the co-financing and syndication of energy projects, by exchanging information on transactions of mutual interest in Qatar and across Africa, as well as by cooperating in other conducive activities such as the establishment of joint programmes and joint research projects.
In this context, Power Bank and TDB have also agreed to engage in meaningful dialogue with other financial institutions and institutional investors with an interest in energy financing in Africa and TDB equity investment opportunities.
This agreement is a major step in developing bilateral cooperation between the two institutions, by providing cross border expertise that fall under each institution’s mandate, and synergizing accordingly.
“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 singing 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”.
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based, investment-grade development finance institution, with 40 sovereign and institutional shareholders and assets of USD 6.7 bn. TDB serves 22 economies in its region, with the mandate to finance and foster trade, regional economic integration and sustainable development.
About Power Bank
Power Bank LLC is a newly established Islamic investment bank registered in the Qatar Financial Centre and authorized by the QFC Regulatory Authority. Its vision is to be a trusted financial services partner and a lead player in the global energy sector. Its mission is to offer Islamic financial products and services to finance the energy sector globally by bringing sector expertise and world-class standards.
Anne-Marie Iskandar, Senior Communications Officer
Corporate Affairs and Investor Relations
Trade and Development Bank
Ali Bin Mohamed, Chief Business Officer
Power Bank LLC