Ethiopia elected PTA Bank’s chair

The 29th Board of Governors Annual Meeting of the PTA Bank was held at the Sheraton Addis on September 13 in the presence of member countries from the regional economic block, the Common Market for Eastern and Southern Africa (COMESA).

Ethiopia has become the Chair of PTA Bank’s Board of Governors for the coming year.
The Ministry of Finance and Economic Development organized the event and Minister Sufian Ahmed accepted the Chairmanship. For the past one year, Zambia’s Finance Minister, Alexander Chikwanda, was the chair.
“As the founders and shareholders of the Bank, we need to continue to support and develop our institution to become a world-class African financial institution that we desire it to be. It is our duty and responsibility. I hope that the management and leaders of the bank will continue to enjoy constructive support and guidance during my chairmanship,” Sufian said during his acceptance speech.  
In his opening speech, Debretsion Gebremichael, Head of the economic and finance cluster with the rank of Deputy Prime Minister and Minister of Communication Information Technology, said that in Ethiopia, enterprises engaged in aviation, hotel, agro-processing, textile, leather and manufacturing industries have benefitted from the services of the Bank.
“As a shareholder of the PTA bank and a member of COMESA, we are pleased to see the bank has increased its net profit by 50 percent, diversified its products, services and its balance sheet by over 30 percent per annum amidst continued financial and economic crisis in the Eurozone and other countries in the West,” Debretsion said.
Ethiopia is one of the 19 shareholders with a 10 percent share and China the only country which is not in Africa that has over six percent share in the bank, while Brazil has shown considerable interest in joining the bank.