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Zambia set to host 35th AGM of Trade and Development Bank-NG’ANDU

Finance Minister Dr Bwalya Ng’andu says Zambia is ready to host the 35th Annual General Meeting(AGM) of the Trade and Development Bank (TDB) to be held in Livingstone on Thursday, August 22, 2019.

Speaking during the bilateral meeting with Trade and Development Bank president Admassu Tadesse on Monday, August 20, 2019, Dr Ng’andu reiterated cabinet’s approval for Zambia to host TDB’s annual premier event.

The Minister restated the country’s readiness to host various delegations from the twenty-two member states and institutional shareholders from within the African continent and overseas.

Dr Ng’andu further expressed gratitude to Mr Tadesse for successfully implementing transformational programmes at TDB adding that a lot is expected from the bank to help resolve the economic and trade challenges that some member countries are facing in energy, industrialization and capital market development.

He also briefed the TDB president on the impact of the last rain season’s drought on energy generation in Zambia and neighbouring countries.

The minister noted that capital investment is an opportunity for institutions like TDB to strengthen their cooperation with member states.

Meanwhile, Mr Tadesse said Zambia is one of the top five beneficiaries of TDB support in various sectors of the economy.

He added that the country was chosen to host this year’s Board of Governors AGM because of the strategic role it has played in the history of the bank.  

Mr Tadesse told the Minister of Finance that a huge financial dividend would be announced to the institution’s shareholders, which include Zambia, during the event.

The bank president disclosed that TDB is now in the process of examining various financing vehicles to support green energy investments at both regional and sovereign levels.

And Dr Ng’angu is set to take over the Chairmanship of the TDB Board of Governors for Uganda’s Minister of Finance, Planning and Economic Development, Matia Kasaija.

He will serve until the next Board of Governors AGM in 2020.

The Trade and Development Bank (TDB) is a multilateral, treaty-based development financial institution. The bank’s mandate is to finance, projects and infrastructure finance, asset management and business advisory services.

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