Harare – The Eastern and Southern African Trade & Development Bank (TDB) and TradeMark East Africa (TMEA) on Wedensday signed an MoU that establishes a framework for collaboration that will boost regional trade.
The TDB said leveraging the two institutions’ expertise in project development and finance could improve investments in trade logistics and production systems, including roads, ports and industrial parks.
“Moreover, institutions will work to collaborate in carrying-out analytical and advisory services aiming, among other things, to support the digitisation of trade and investment processes as well as information technology innovations in trade, logistics and transportation,” said the TDB in a statement after the signing.
“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 digitalisation of trade.”
TMEA chairman Ambassador Erastus Mwencha said the collaboration would enhance regional trade.
“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 Ambassador Mwencha.
TDB group MD and CEO Mr Admassu Tadesse said challenges posed by the COVID-19 pandemic and pre-existing trade inhibitors called for a determined response.
The bank’s corporate affairs and investor relations Executive Ms Mary Kamari weighed in saying: “We look forward to collaborate 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 agenda.”