Nairobi/ Helsinki, 13 December 2021 – The Eastern and Southern African Trade and Development Bank Group (TDB Group) and the Nordic Investment Bank (NIB) have signed a bilateral Memorandum of Understanding (MoU) to cooperate on the financing of projects in TDB Member States.
The MoU, signed by President Emeritus and Group MD Admassu Tadesse and NIB President and CEO André Küüsvek, provides a framework for cooperation on eligible transactions, with a specific focus on projects in sectors such as transportation, energy and social infrastructure that benefit the environment and which have Nordic and Baltic content participation.
The Banks, through this agreement, will endeavor to promote their partnership among NIB’s Nordic-Baltic member countries to highlight opportunities for investment and financing with TDB in Eastern and Southern Africa.
Admassu Tadesse, TDB President Emeritus and Group MD said: “TDB is pleased to formalize relations with NIB, with which it shares common aspirations with regards to the financing of triple bottom-line impact. With Denmark’s Investment Fund for Developing Countries (IFU) having joined TDB as a shareholder in 2019, via this agreement, we are keen to expand our working relations with Nordic-Baltic countries, with which we foresee important potential to drive economic, social and environmental development in our region”.
“We are happy to cooperate with TDB on financing companies and projects of mutual interest in Eastern and Southern Africa. This MoU will guide how we cooperate on eligible transactions that may contribute towards maintaining stable and sustainable economic growth, promote environmental benefits and further the economic and trade cooperation. For NIB, it is especially important that all potential projects contribute to our mandate of financing projects that improve productivity and benefit the environment, and that we involve our Nordic and Baltic member countries,” said André Küüsvek, President and CEO of NIB.
Mary Kamari, TDB Group Corporate Affairs & Investor Relations Executive added: “TDB regularly enters into partnerships with like-minded partners through MoUs to help catalyze debt and equity capital as well as expertise at the service of the development of our region. Through this MoU with NIB, we look forward to exploring various financing mechanisms for impactful projects, as well as to promote business development between our respective member countries, and their private sector.”
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based, investment-grade development finance institution, with 41 sovereign and institutional shareholders and assets of USD 7.2 bn. TDB serves 22 economies in its region, with the mandate to finance and foster trade, regional economic integration, and sustainable development.
TDB is part of the TDB Group, which also comprises TDF (the Trade and Development Fund), ESATF (the Eastern and Southern African Trade Fund), TCI (TDB Captive Insurance), and the TDB Academy.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries that improve productivity of the Nordic and Baltic countries and benefit the environment. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
Anne-Marie Iskandar, Senior Communications Officer
Corporate Affairs and Investor Relations
Trade and Development Bank
Jukka Ahonen, Senior Director, Head of Communications
Nordic Investment Bank
+358 10 618 0295