President Kenyatta Opens New Trade and Development Bank Tower

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President Uhuru Kenyatta today opened the new permanent building of the Trade and Development Bank.

The magnificent 20-story tower, located in the Kilimani area of ​​Nairobi, will serve as the East Africa regional headquarters as well as the regional operations center.

Speaking on the occasion, President Kenyatta said the expansion of the Trade and Development Bank’s operational base in Nairobi underscores Kenya’s ability and confidence to host a large family of regional and international institutions.

“Indeed, the continued expansion of the Kenyan economy driven by strong investor confidence and a resilient banking and financial services sector, validates our claim as the destination of choice for investment in Africa,” said President Kenyatta.

The Head of State also noted that the new building symbolizes the exponential growth of the Trade and Development Bank since its establishment some 40 years ago.

As a shareholder and founding member of the bank, President Kenyatta said Kenya is proud that the bank now has an asset base of US$8 billion.

He congratulated the bank on being recognized as the sustainable bank of the year and also the best development finance institution of the year in Africa during the African Development Bank’s annual meeting two weeks ago.

“This close to another award by an international financial rating agency confirms that this African bank is growing not only in terms of its capital base but also in terms of the quality of its services,” said President Kenyatta.

He thanked the Trade and Development Bank for its financial and policy support and programs to public and private sector companies, particularly in mitigating the disruptive effects of the Covid-19 pandemic.

“We, in Kenya, appreciate the bank’s support to Kenya Airways for its fleet expansion and support to the Ports Authority of Kenya for its port modernization program. This support is critical in enabling us to expand logistical support to neighboring countries, particularly those that do not have access to the sea,” he said.

As the African continent prepares to take full advantage of trade under the African Continental Free Trade Area (AfCFTA), the President said that the Capacity Building Academy and Captive Insurance Company recently established by the bank would provide businesses with the capacity needed for preferential loans. , deepen trade relations in the region and manage risks.

President Kenyatta also took the opportunity, in his capacity as Chair of the East African Community, to make a special application to the Democratic Republic of the Congo, the newest member of the EAC.

“I urge banks to work closely with other East African countries to support small and medium-sized enterprises (SMEs) not only in Congo but throughout East Africa to enable them to establish themselves across our region,” the President said.

He announced that Kenya would increase its stake in the bank as other countries including Rwanda, Ethiopia, Tanzania, Uganda and Ghana would also increase their investment in the bank as part of their growing confidence in its capacity.

In his remarks, President Emeritus of the East and South African Trade and Development Bank and Group Managing Director Admau Tadesse praised Kenya’s role as one of the early champions who nurtured and supported the bank in its growth into the award-winning regional financial institution it is today. .

“We are very proud that over the years we have accompanied the Government of Kenya and its private sector in the development of the country’s key economic sectors through our corporate finance and project trading windows.

“This is in line with Kenya’s aspirations and development plans, and of course the Big 4 Agenda, and very much in line with Vision 2030,” said Tadesse.

Finance Cabinet Secretary Ukur Yatani also spoke at the event which was also attended by former Seychelles President Danny Faure, former Sudanese Prime Minister Dr. Abdalla Hankok and former President of the African Development Bank Dr. Donald Kaberuka.

Distributed by APO Group on behalf of the Presidency of the Republic of Kenya.

This Press Release has been issued by APO. Content is not monitored by the Business Africa editorial team and is not content that has been vetted or validated by our editorial team, evidence readers or fact checkers. The publisher is fully responsible for the contents of this announcement.

President Kenyatta Opens New Trade and Development Bank Tower

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