Africa: Trade and Development Bank to Highlight West Africa’s Growth Strategies at MSGBC 2024

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DAKAR, Senegal, September 4, 2024/ — The Trade and Development Bank (TDB) recently announced (https://apo-opa.co/3ThSjGV) that its total assets reached the $10-billion mark for the first time. With an asset growth rate of 21% year-on-year, the firm’s total equity rose by 13% to $2.2 billion, while its net profit grew by 11% to $230 million this year, resulting in a return on equity of 11% for stakeholders.

With economic growth (https://apo-opa.co/3ANgiHv) of 6.1% expected by the end of 2024 – up from 5.3% in 2023 – the West African Economic and Monetary Union bloc, which includes Senegal, Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger and Togo, has benefitted in recent years from favorable developments in trade and export commodities. The participation of TDB Group Executive for Central and Western Africa, John A.K. Esther, as a speaker at this year’s MSGBC Oil, Gas & Power conference (https://apo-opa.co/47dXxJy) is set to showcase the region’s burgeoning economic growth prospects, driven by major developments in oil and gas, mining and infrastructure sectors.

Explore opportunities, foster partnerships and stay at the forefront of the MSGBC region’s oil, gas and power sector. Visit www.MSGBCOilGasAndPower.com to secure your participation at the MSGBC Oil, Gas & Power 2024 conference. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Operating in eastern and southern Africa, TDB plays a critical role in fostering trade, regional integration and sustainable development through the provision of trade finance, project and infrastructure finance, asset management and business advisory services. In April this year, the bank signed a MOU to foster collaboration in the financing of trade and development in Senegal (https://apo-opa.co/4ecf5b5). The agreement establishes a framework for encouraging collaboration and sustainable economic growth in energy, infrastructure, healthcare, education, financial institutions, agriculture and food security.

Meanwhile, TDB secured a $100-million finance facility from the UK’s British International Investment in March this year to support local businesses and financial institutions in Africa, with a view to stimulating trade activity, boosting economic resilience and improving access to goods and services. The bank also joined forces with the African Development Bank in February to support the rollout of clean technology and low-carbon projects across the continent.

“The MSGBC region stands as one of the premier frontiers for energy, mining and infrastructure development. Brimming with untapped potential, we look forward to insights from the Trade and Development Bank into how West Africa can better leverage alternative finance and credit tools to advance critical projects,” states Energy Capital & Power Conference Director, Sandra Jeque.

With 20 years of experience in corporate banking and insurance, Esther’s participation at MSGBC Oil, Gas & Power 2024 will showcase the institution’s strategies for de-risking and improving access to finance for Africa’s large-scale energy and infrastructure developments. As a speaker, Esther is expected to highlight strategies for finance firms to boost intra-African trade, promote regional integration and mitigate the trade finance gap.

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