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Trade and Development Bank to Set Up a Regional Headquarters in Mauritius
The Trade and Development Bank (TDB), an African regional development financial institution, is proposing to set up a Regional Headquarters Tower in Mauritius. This shows that the initiatives taken by Mauritius to ensure transparency in its jurisdiction have been successful.
The Prime Minister and Minister of Finance and Economic Development, Mr Pravind Jugnauth, made this statement this morning in Port Louis during a courtesy call by the Chief executive Officer of the TDB, Mr Admassu Yilma Tadesse.
Mr Jugnauth pointed out that the setting up of the TDB headquarters in Mauritius will have positive impact for the further development of our international financial centre. It demonstrates the confidence of international and regional business communities in our jurisdiction as well as the ability of our country to act as a credible centre for capital market activities, he said.
For his part, Mr Admassu Yilma Tadesse recalled that the Bank's mandate is to finance and foster trade, socio-economic development and regional economic integration across African States. He pointed out that the Board of Governors of the TDB has already given its approval for the setting up of its second Headquarters in Mauritius. This initiative, he added, will consolidate the position of Mauritius as a financial centre at the Common Market for Eastern and Southern Africa (COMESA).
The Trade and Development Bank
Established in 1985, TDB is a multilateral, treaty-based financial institution with immunities and privileges, and currently a balance sheet of about USD 4 billion dollars. Currently, it has as shareholders, 20 member countries from the tripartite region (COMESA, EAC and SADC), the African Development Bank, the National Pension Fund of Mauritius, Mauritian Eagle Insurance Company Ltd, Rwanda Social Security Board, Africa Re, ZEP RE, Seychelles Pension Fund, Banco Nacional Investimento (BNI), the National Social Security Fund of Uganda and SACOS Group as institutional shareholders. The People's Republic of China and the Republic of Belarus (Paritetbank) are non-regional member countries.
The mission and objectives are to provide developmental capital and services in the region, through customer focused and innovative financing instruments. The Bank provides the opportunity for investors to gain exposure to fast growing economies through profitable direct foreign investments with a sound balance sheet and strong growth prospects. The TDB aims to become a preferred and leading regional Development Finance Institution in Eastern and Southern Africa.
The Trade and Development bank has its headquarters in Burundi and three regional offices in Kenya, Zimbabwe and Mauritius.