Africa Biz Construction and Business News
Arab Bank for Economic Development in Africa Buys in to Another Major African Bank
November 11, 2018
The Arab Bank for Economic Development in Africa (BADEA), based in Khartoum, Sudan, has purchased an equity stake in the Eastern and Southern African Trade and Development Bank.
BADEA CEO Sidi Ould Tah and TDB president Admassu Tadesse ratified the agreement on 8 November 2018, on the second day of the Africa Investment Forum (ww.AfricaInvestmentForum.com) held in Johannesburg, South Africa.
"This is a historic milestone that takes us to a higher level of strategic partnership," the TDB president said, adding that the Eastern and Southern African Trade and Development Bank also had 22 sovereign shareholders. "We are delighted to welcome BADEA as our thirteenth institutional shareholder."
"We are excited to become part of the TDB success story," replied Sidi Ould Tah, saying that he was "impressed by president Tadesse's achievements." The BADEA CEO highlighted the speed with which this agreement had been finalized, just four months after their meeting in Nairobi on the subject – proof, he said, of "the acceleration of our partnership."
"We will co-finance more and more transactions in the months and years to come," promised the head of BADEA. Sidi Ould Tah went on to say, "The location of this signing (at the AIF), underscores our commitment to be part of this African Development Bank initiative and demonstrates that Africa is not just the future but the here and now."