Ethiopia’s Ministry of Foreign Affairs (MFA) signed a Memorandum of Understanding (MoU) with Eastern and Southern African Trade and Development (PTA Bank) for the later to establish regional office in Addis Ababa.

During the signatory ceremony Admasu Yilma, PTA Bank President, said the MoU would enhance PTA’s expansion of insurance, re-insurance and financial services in East Africa.

Tewolde Mulugeta, Spokesperson for MFA, on his part noted that the regional office helped to strengthen socio-economic integration. PTA Bank would expand trade and investment activities in Ethiopia by extending services such as equity, loan and guarantee services to private investors and Horn of Africa nations, he added.

According to Ethiopian News Agency, PTA Bank, African Trade Insurance Agency and Common Market for Eastern and Southern Africa (COMESA) Re-Insurance Company are working together.

PTA Bank was established back 1985 as the financial arm of the COMESA.

Source: Ethiopian News Agency