Africa's Trade and Development Bank (TDB) wants to position itself as a key regional financial institution to complement the activities of other development finance institutions on the continent such as the African Development Bank and East African Development Bank according to Uganda's finance minister, Matia Kasaija.

He says Uganda has benefitted from several of the bank's offerings, including its letter of credit (L/C) services.

Beneficiary sectors

Speaking in Kampala, Uganda, where the bank recently held its 34th annual general meeting, Kasaija said TDB had supported several Ugandan transactions, mainly in the banking and financial services, manufacturing and heavy industries and agribusiness sectors.

Other beneficiaries of TDB's services have included businesses in the real estate, health services, telecommunications and infrastructure sectors.

L/C services

Uganda has benefitted from a revolving facility to finance pre-approved equipment purchases and vendor payments by way of issuance and confirmation of L/Cs, guarantees and direct cash disbursement.

Established in 1985, TDB's shareholders are 21 African countries, People's Bank of China, National Bank of Belarus and 11 institutional investors.

The TDB is an autonomous regional financial institution covering the Common Market for Eastern and Southern Africa (COMESA) free trade area, which comprises 21 member states stretching from Tunisia to Swaziland.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.