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China Everbright invites TDB to co-manage $1bn energy fund

TRADE Development Bank has been invited by a Chinese environmental group as co-managers of a US$1 billion Green Fund on energy.

The TDB, an Eastern and Southern African developmental bank founded in Zambia 35 years ago, has also signed a $350 million 10-to-20-year export credit line with Japan Bank for International Corporation (JBIC).

According to Admassu Tadesse, the bank’s president and chief executive officer, the Green Fund will focus on energy projects.

“China Everbright Group has invited TDB to join as co-managers of US $1 billion. The fund will focus on green energy projects in Africa,” Tadesse said.

He said with this the TDA, would be glad to join in the development of the Batoka Gorge Hydro-Power Dam Project in Mukuni’s chiefdom.

He also indicated that the bank has grown its assets in accordance with its corporate expansion plan to the value of $5.56 billion.

Tadesse said the bank’s infrastructure financing has grown by 16 per cent from 2017 to 2018.

“Cumulatively now, an estimated US$1.4 billion of our loan portfolio directly contributes to Sustainable Development Goals (SDGs) and the AU’s Agenda 2030,” he said.

Tadesse said the 10 to 20-year export credit line with Japan was the largest of its kind.

“Part of the credit line will be covered by Nippon Export and Investment Insurance (NEXI), one of Japan’s two official export credit agencies, with JBIC,” said Tadesse.

“Following a ¥1.5 billion (USD12.5 million) three-year export credit line signed in 2007, and a US$80 million seven-year line in 2016, this third agreement is another milestone in JBIC and TDB’s joint commitment to continue strengthening economic cooperation between Japan and TDB’s 22-member states.”

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