The Prime Minister, Dr. Ruhakana Rugunda has said financial institutions play an important role in transforming countries by reducing dependency and building momentum towards their national visions.

PM Rugunda in a group photo with some of the board members of TDB who attended the 34th TDB AGM on Tuesday at Serena Hotel, Kampala(Photo by PMPU)

He said Trade and Development Bank is highly regarded in the African development banking industry and has gained widespread recognition as a leading financial institution in the region, capable of supporting Africa’s development efforts through financing Africa’s economies.

The Premier made the remarks during the 34th Trade and Development Bank Annual General Meeting which was organized under the theme “Integrating and Advancing the Region” at Serena Hotel, Kampala on Tuesday.

The Trade and Development Bank is an African regional development financial institution operating in the Eastern and Southern Africa. Currently it has a membership of 22 Countries including Uganda.

The Prime Minister said the Trade and Development Bank has contributed to the region’s development in the areas of trade, infrastructure, agribusiness and industrial development, and thus called for maximum utilization of the available opportunities.

“The World around us is being organized, countries are being grouped to strengthen their sub- regional trade. East and Southern Africa must not be left out. We must facilitate trade by reducing administrative barriers to trade and building a strategic development plan. We have to build roads that will link markets to facilitate cross-border trade,” Rugunda said.

He commended Trade and Development Bank for the role it has played in the development of Uganda adding that several member states in COMESA continue to grow strongly because of the support rendered by Trade and Development Bank, despite the global challenges.

“On the Ugandan front, Trade and Development Bank has mobilized resources for our real estate, energy, manufacturing and heavy industries as well as our ICT sectors,” the Premier said.

The Minister of Finance, Planning and Economic Development, and also the In-coming Chair of the Board of Governors for Trade and Development Bank, Matia Kasaija, said the relationship between Uganda and Trade and Development Bank has grown over the years leading to integral development in the country in the areas of manufacturing, trade, real estates and Telecoms among others with support by the Bank.

He pledged to fully support the Bank in its operations and also called for support from the staff and members of the Trade and Development Bank Board during his term of office in order to propel Africa’s prosperity forward.

The President and Chief Executive Officer of Trade and Development Bank, Admassu Tadesse, thanked all the partners of Trade and Development Bank for the support, highlighting that the financial institution has managed to keep a strong pace and sustain its growth even in the hardest economic times, thus attracting new members and investors.

He called upon the Bank’s member states to take pride in the accomplishments of Trade and Development Bank.

Trade and Development Bank was established in 1985. Its mandate is to finance and foster trade, socio-economic development and regional economic integration through Trade, finance management and business advisory services.

Ends

Sunday, August 5, 2018

BY DOREEN NASASIRA