The United State Agency for International Development (USAID) has sealed a deal with the Eastern and Southern African Trade and Development Bank (TDB) to finance power projects in 22 African countries.
Concise News understands that the deal was signed during the Africa Investment Forum in Johannesburg, South Africa.
According to the Trade and Development Bank’s President and Chief Executive, Admassu Tadesse, the “TDB is very pleased to deepen its existing partnership with USAID in further support of the Power Africa Initiative, which resonates strongly with TDB’s strategy and mandate.
“We are proud to count USAID among our growing number of cooperating trade and development finance partners in the US.”
On his part, the Senior Deputy Assistant Administrator of USAID’s Africa Bureau, Mr. Ramsey Day, said, “we are excited to welcome TDB as our 18th development partner. We applaud the Bank’s commitment to increase its exposure in the energy sector from its current 8% to 20% of its portfolio, the equivalent of bringing $400 million new dollars towards power sector financing.”