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KfW supports development of renewable energies and energy efficiency in Africa
Frankfurt (ots) -
- USD 60 million promotional loan awarded to PTA Bank - Important contribution to achieving sustainable economic growth and promoting employment in COMESA member states
KfW Development Bank has signed a USD 60 million promotional loan with the Eastern and Southern African Trade and Development Bank (PTA Bank). The Bank is providing companies in the COMESA member states (Common Market for Eastern and Southern Africa) with this loan in order to help them finance climate-friendly investments in renewable energy and energy efficiency measures.
"By providing the PTA Bank with this promotional loan, KfW is establishing solid foundations on which the economy in Eastern and Southern Africa can be developed sustainably, based on the use of renewable energies. At the same time, KfW is also making an important contribution towards strengthening the local finance sectors", said Dr Norbert Kloppenburg, a member of the KfW Group's Executive Board.
Over the last ten years, Africa has experienced its longest and strongest period of growth since the 1960s, despite a global economic crisis and revolutions in North-African countries. Experts believe that this positive trend, which has been particularly evident in Eastern and Southern Africa, will continue in the years to come. This, however, will require the rectification of the current shortcomings in the infrastructure, for example in the energy sector. There are currently 19 African countries that are COMESA member states, including Kenya, Tanzania and Uganda.
The PTA Bank was founded by the COMESA member states in 1985. The role of the Bank is to promote economic development in and trade relations between the member states. In addition to offering medium and long-term project financing solutions in the energy, transport and telecommunication sectors, this also includes the financing of cross-border trading activities