Ethiopian Airlines and the Eastern and Southern Africa Trade and Development Bank (PTA) signed a US$ 22 million loan agreement at Capital Hotel, Addis Ababa, yesterday. 

According to the agreement, the loan will used to finance the first phase of the Airline's housing project, which aims to build 1,192 houses for its employees.  

Speaking at the signing ceremony, Tewolde Gebre Mariam, CEO of Ethiopian, said the agreement is part of a larger loan the Bank has approved to Ethiopian. According to the CEO, the housing project is part of the Airline's effort to retain its human resource. 

PTA Bank prsident and CEO, Admassu Tadesse said, the Bank decided to make Ethiopian beneficiary of its loan, because it has great deal of confidence on the Airline. 

"by supporting Ethiopian Airlines, we believe we can support the entire region" Admasu said.  

In addition to Ethiopian Airlines, Habesha Cement, an Ethiopian company is also beneficiary of the bank's loan service.

"Ethiopia is one of the largest member states of the bank both by population and by GDP. While the bank has not been in a postition to do much in Ethiopia in the past, the strong growth in the bank's capital and expanded investment opportunities in the fast growing economy should enable us to do more" Admasu said.

The PTA bank is also holding its 29th board of directors general meeting in Addis Ababa, Ethiopia. During the five day long meeting, the bank is expected, among others, to hold a business seminar with the Ethiopian business community to promote its products and services.

The Eastern and Southern Africa Trade and Development Bank is established 29 years ago as a bank of Common Market for Eastern and Southern Africa (COMESA).

Source: Ethiopian Herald