State House

Office of the President of The Republic of Seychelles


PTA Bank Looks At Openings In Seychelles Economy

Investment openings in Seychelles were at the top of the agenda in a meeting between Vice-President Danny Faure and the Eastern and Southern African Trade and Development Bank yesterday.
Dr Michael Gondwe, president of the bank - also known as the Preferential Trade Area (PTA) Bank - met Mr Faure, who is its chairman, at State House.
The bank is a trade and development institution and the financial arm of the Common Market for Eastern and Southern Africa, though membership is open to non-Comesa states and other institutional shareholders.

Speaking to the press, Dr Gondwe said his visit is one of a series to update and seek guidance from Mr Faure in his capacity as the PTA Bank's chairman.

"I have arrived ahead of my team, some of whom will arrive on Thursday and the rest next week to look at possible further investments in Seychelles," he said.

"We will also look at projects already lined up for our perusal and possible submission to certain committees and boards of directors for approval."

Dr Gondwe said they also discussed a number of other issues such as the financial climate, succession planning in the bank and the need for it to play a more significant role.

Mr Faure was also told about latest developments in the bank, such as the Democratic Republic of Congo having just joined.

"This move by the Democratic Republic of Congo to join us has happened during his (Mr Faure's) leadership and we thank him for it," said Dr Gondwe.

"We are involved with financing quite a number of projects in Seychelles, and last year when our delegation came to Seychelles we met at a hotel that was partly financed by the PTA Bank, another of our proud achievements, 
"Seychelles provides a lot of opportunities for us for financing; it is well organised and the economic reforms have given the impetus for growth and investment. We have also met certain offshore sectors looking at investment here, asking us how we can help them."