July 26, 2010 -- Vice-President Danny Faure, who is also Minister for Finance, is he new chairman of the Eastern and Southern African Trade and Development Bank (PTA) for the next financial year.

Seychelles has taken over the chairmanship of the Eastern and Southern African Trade and Development (PTA) Bank for the next financial year, President James Michel announced yesterday.

He told delegates attending the bank's 26th annual meeting at the Ephelia Resort, Port Launay, that we are not afraid of the prospect but welcome the challenge it poses for us.

"We are keen to build on the successes of our immediate predecessor. We believe in the bank's mission, and we believe in its future," he said.

"We are ready to work with you to achieve our common objectives. I pledge you my full support to that end."

Ethiopian Finance Minister Sufian Ahmed has been chairing the bank's board of governors, which is made up of ministers from the member countries, and yesterday he handed over that role to Seychelles' Finance Minister, Vice-President Danny Faure.

Mr Faure said one of the challenges ahead is to replace the bank's president, as the tenure of Dr Michael Gondwe has ended with his second five-year term.

Mr Faure said it is a great moment for Seychelles and will allow local firms to benefit from the bank, which he said offers loans at lower rates than most local commercial banks.

Under the chairmanship of Mr Faure, the governors yesterday adopted resolutions giving policy directions to the board and management of the bank. They elected a new steering committee composed of Zambia, Sudan and the African Development Bank (AfDB).

Mr Faure earlier called on his fellow governors to continue contributing to the bank's programme "as we build a strong institution that will make a positive impact on our development agenda".

Dr Gondwe briefed the governors on the bank's performance, saying its profits rose to US $18 million during the financial year now ending, up from US $12.5 million the previous year.

The shareholders of the bank are the AfDB, Burundi, the People's Republic of China, Comoros, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda, Zambia and Zimbabwe.