TDB and Power Africa sign an MOU on the side lines of the inaugural Africa Investment Forum in Johannesburg
Johannesburg, November 7, 2018 – Today, during the African Development Bank’s inaugural Africa Investment Forum, the Eastern and Southern African Trade and Development Bank (TDB) signed an MOU with Power Africa, in view of collaborating on power sector financing in TDB’s 22 Member States.
TDB will be the eighteenth development partner to join the Power Africa initiative. The unofficial collaboration between Power Africa and TDB pre-dates this MOU, as the entities have already been coordinating on a power sector financing facility. This new partnership will focus on coordination and collaboration between Power Africa and TDB on power sector financing in TDB’s member countries and underscores Power Africa’s commitment to partnering with African institutions.
Mr. Admassu Tadesse, President and Chief Executive of TDB, says that “TDB is very pleased to deepen its existing partnership with USAID in further support of the Power Africa Initiative, which resonates strongly with TDB’s strategy and mandate. We are proud to count USAID among our growing number of cooperating trade and development finance partners in the US”.
The Senior Deputy Assistant Administrator of USAID’s Africa Bureau, Mr. Ramsey Day, said, “we are excited to welcome TDB as our 18th development partner. We applaud the Bank’s commitment to increase its exposure in the energy sector from its current 8% to 20% of its portfolio, the equivalent of bringing $400 million new dollars towards power sector financing”.
About Power Africa
Power Africa is a U.S. government-led initiative, coordinated by USAID, to double access to electricity in sub-Saharan Africa by 2030. Power Africa has more than 160 private and public sector partners, 12 U.S. government agency partners, and 18 development partners who to date have helped bring over 9,500 MW and more than 12.5 million connections to financial close.
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based development financial institution, with assets of over
US$ 5 billion. By providing different types of financing, TDB fosters trade, regional economic integration and sustainable development, prioritizing projects with cross-border impact.
For more information, please visit: www.tdbgroup.org
Anne-Marie Iskandar, Senior Communications Officer
Investor Relations and Corporate Affairs, Trade and Development Bank