EAST AFRICA – TradeMark East Africa (TMEA) and the Eastern and Southern African Trade & Development Bank (TDB) have signed a Memorandum of Understanding (MoU) that establishes a framework for collaboration ultimately seeking to boost trade in the region served by both institutions.
By leveraging the two institutions’ expertise in project development and finance, TMEA and TDB will endeavor to jointly pursue targeted investments in trade logistics and production systems, including roads, ports and industrial parks projects, and to facilitate structured trade finance transactions of commodities.
Moreover, institutions will work to collaborate in carrying out analytical and advisory services aiming, among other things, to support the digitization of trade and investment processes as well as information technology innovations in trade, logistics and transportation.
Additionally, the MoU provides for the facilitation of innovation and capacity development for regional businesses, so as to enable them to effectively engage in global and regional trade transactions with high development impact.
The agreement will also enable TMEA and TDB to jointly contribute to mitigating the adverse effects of the COVID-19 pandemic in the region, via enhanced regional trade, trade supportive infrastructure, and digitalization of trade.
Speaking during the MoU signing TMEA Chairman Erastus Mwencha hailed the collaboration as one that will greatly support regional trade.
“Today, two of the leading institutions that heavily support the trade agenda in Eastern and Southern Africa join forces to work more closely together. There is no doubt that the huge trade potential that our region holds can be further unlocked by working together to address infrastructural, technological and financial barriers that slow down regional trade” said Mwencha.
On his part, TDB Group MD & CEO Admassu Tadesse noted that the challenges posed by the COVID-19 pandemic and other pre-existing trade inhibitors call for a determined approach by leading trade actors in the region.
“We indeed need concerted efforts to build forward better and stronger. The MoU we are signing today will synergize our strengths and expertise, to boost the role of trade as a catalyzer of triple-bottom-line impact in the region we serve,” said Tadesse.
TDB Corporate Affairs and Investor Relations Executive Mary Kamari added that: “We look forward to collaborating with TMEA to enhance trade in the region we both serve, in line with the ambitions set forth by the African Continental Free Trade Area (AfCFTA) agenda”.
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