DBRB, PTA Bank sign agreement on export loans

MINSK, 17 October (BelTA) – The Development Bank of the Republic of Belarus (DBRB) signed a framework agreement with the Eastern and Southern African Trade and Development Bank (PTA Bank) on common terms of issuing export loans to finance the purchase of goods, works and services from Belarusian residents with Eximgarant of Belarus insurance coverage, BelTA learnt from the Belarusian bank.

“Thus, the Development Bank of the Republic of Belarus has become Belarus’ first financial and credit institution to establish close partnership in foreign trade financing with one of the major banks of Southeast Africa,” the bank stressed. The agreement will promote mutually beneficial cooperation in export financing between the Development Bank of Belarus and PTA Bank, and strengthen foreign-trade relations between Belarus and the countries of Southeast Africa.

The Development Bank of the Republic of Belarus was created in 2011 under the relevant presidential decree. The bank is designed to focus on financing government programs and socially important investment projects. The founders are the Council of Ministers and the National Bank of the Republic of Belarus. Belarus Prime Minister Mikhail Myasnikovich was appointed Chairman of the Supervisory Board of the Bank, Sergei Rumas - Chairman of the Board of the Development Bank.

The Eastern and Southern African Trade and Development Bank, commonly known as the PTA Bank, was established in 1985 establishing the Preferential Trade Area for the Eastern and Southern African States (PTA) which was later transformed into the Common Market for Eastern and Southern Africa (COMESA).

PTA Bank is a COMESA institution with a focus on project and trade financing of the public and private sectors with an aim of promoting export/import flows between COMESA member states and non-COMESA parties. The Bank’s membership comprises 18 countries of South, Central, East and North Africa (including Ethiopia, Egypt, Kenya, Burundi, Tanzania, Zambia, Uganda and others), and one non-regional participant, the People’s Bank of China. The Board of Governors of the bank is comprises Ministers of Finance and Ministers of Economy of the COMESA member states.