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African bank seeks bigger share from China
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The Eastern and Southern African Trade and Development Bank, known as PTA Bank, has approved China, the first non-African member state of the bank, to increase its share and others to join the bank.
The new members to join the bank include South Korea, Belarus, Brazil and Malaysia as well as all African countries that are keen in joining.
At the conclusion of the bank’s 29th annual general meeting in Addis Ababa, Ethiopia, Admassu Tadesse, president of the bank, said the bank has decided to increase its capital and has invited China to take additional share in the bank.
“We had a very good meeting apart from adopting, approving, the annual report and the financial statements. We considered a number of strategic matters, one of them being growing the capital of the bank,” said Tadesse.
“We are now looking to increase the capital. The Board of Governance has approved an increase in the capital and the People’s Republic of China has been invited to take additional share in the bank alongside the African members,” he said.
“The People’s Republic of China has 6 percent. The increase is not going to take China too far up. I think it is for China to decide how much more it wants to take,” Tadesse said.
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