BURUNDI, COMOROS, DEMOCRATIC REPUBLIC OF CONGO, DJIBOUTI, EGYPT, ERITREA, ESWATINI, ETHIOPIA, KENYA, MADAGASCAR, MALAWI, MAURITIUS, MOZAMBIQUE, RWANDA, SEYCHELLES, SOMALIA, SOUTH SUDAN, SUDAN, TANZANIA, UGANDA, ZAMBIA, AND ZIMBABWE
According to bank provided information, this summary describes non-shareholder loan investments by a syndicate of commercial banks (including Standard Chartered Bank, as agent, on behalf of itself and other commercial banks to be identified, together the "Lenders") to the Eastern and Southern African Trade and Development Bank ("TDB"), formerly known as PTA Bank, with a principal office in Mauritius (dual-domiciled in Burundi, with the operational hub in Kenya). Standard Chartered Bank (as agent, on behalf of itself and the Lenders) has applied for a MIGA guarantee of up to EUR 377 million of principal plus interest and premium, for a period up to 10 years against the risk of non-honoring of financial obligations by a regional development bank ("NHFO-RDB").
TDB is a regional development bank operating in the Tripartite Free Trade Area ("TFTA") comprising the Common Market for Eastern and Southern Africa ("COMESA"), the East African Community ("EAC") and the Southern African Development Community ("SADC"),providing trade and project finance solutions to private and public borrowers. TDB aims to foster economic integration in the region through support of trade, infrastructure development, and private sector growth. TDB also supports national development agencies by co-financing their projects.
Under this proposed project, the Lenders will extend a loan facility denominated in Euros to TDB to support the growth and diversification of TDB's trade finance portfolio (the "Project"). The facility is expected to include EUR 50 million specifically earmarked for COVID-19 response.
*Contact information not provided at the time of disclosure*
ACCOUNTABILITY MECHANISM OF MIGA
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