39th Meeting of Trade and Development Bank Group – Nairobi, 20/7/2023
39TH MEETING OF TRADE AND DEVELOPMENT BANK GROUP
The Trade and Development Bank (TDB) Group held its 39th Annual General Meeting in Nairobi, Kenya on 20/7/2023 themed; “Agility and adaptability for sustainable growth and Impact.” The meeting was graced by His Excellency the President of the Republic of Kenya, Hon. William Samoei Ruto.
The TDB Nairobi meeting was such a great opportunity for the country which is fast-tracking the economic recovery strategies to address the numerous global economic shocks which affected economic growth and increased the poverty levels. These challenges had not only raised concerns but had also provided opportunities to improve on policy frameworks and foster more competitive and integrated economies in Africa.
In his address during the meeting, The National Treasury and Economic Planning Cabinet Secretary, Prof. Njuguna Ndung’u said that Kenya acknowledges the significance of initiatives such as the African Continental Free Trade Area (AfCFTA) and the Tripartite of COMESA-SADC-EAC, recognizing their potential to unlock the continent’s investment and trade capabilities while improving its resilience against negative shocks. As one of the Africa’s financial hubs, Kenya pledged to play its part in attracting and supporting efficient investment and trade across the continent.
Prof. Ndung’u added that the collaboration between Kenya and TDB in financing various projects was commendable, with investments covering sectors like renewable energy, healthcare, agro-industry, banking and finance, telecommunications, real estate and others. He said that TDB’s Structural Trade Finance Products, such as G2G Deferred LCs for petroleum product imports, played a vital role in stabilizing fuel prices and the nominal exchange rate, contributing to Kenya’s inclusive growth and economic transformation agenda.
The Cabinet Secretary commended the spirit of innovation displayed by the TDB Group, particularly in its capital and group structure for enhancing regional interventions saying that the future partnership is very promising with 20 institutional investors on board, including Africa-based pension funds, sovereign wealth funds, international financial institutions, various insurance companies and other Group’s Operations Hubs operating in Nairobi.
The meeting was also addressed by the President, Emiratus, and Group MD, of the Trade and Development Bank, Mr. Admassu Tadesse, the Chairperson of the TDB Board of Governors and Minister of Finance, Economic Planning, and Development of the Republic of Mauritius, Hon. Renganaden Padayachy. Also in attendance were; the Principal Secretaries, Dr. Chris Kiptoo (National Treasury) and James Muhati (Economic Planning) among others.