Zim To Chair PTA Bank

Secretary of Finance, Willard Manungo will chair the board representing Zimbabwe.

Zimbabwe’s appointment follows the 103rd meeting of PTA board of directors held in Harare from December 15 to 17.

Manungo is already a member of board of directors representing a Constituency whose membership comprises Eritrea, Mauritius, Rwanda and Zimbabwe.

In a statement, the ministry of Finance said the PTA had been a pillar of strength assisting Zimbabwe in her times of need.

“Notwithstanding the challenges that the country has been facing, the PTA Bank has remained a major pillar of financial support in the form of lines of credit for various sectors of the economy,” it said.

This year, Zimbabwe received US$150 million through the trade and project finance windows to the private sector and including lines of credit to the financial sector.

Although the Bank is a COMESA institution, its membership is open to non-COMESA States as well as institutional shareholders. As at 31st December 2006, the Bank’s membership comprised Burundi, Comoros, China, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda, Zambia and Zimbabwe.

The Peoples Republic of China became the first non-regional sovereign state to join the membership of the Bank in 2000. The African Development Bank is the only institutional shareholder. Zimbabwe.

PTA Bank was established in 1985 to promote COMESA regional integration efforts by supporting the region’s member states trade and development challenges.

Analysts say by chairing the board, Zimbabwe will also influence decision that will sway the bank to lend more to the country to help build the economy ravaged by a decade of political and economic crisis.