(Ecofin Agency) - The Trade and Development Bank (TDB), formerly known as Preferential Trade Area Bank or PTA, is set to establish in Mauritius an office. This was revealed by Mauritius’ Prime Minister, Praving Jugnauth, in a statement released on March 21 after a meeting with TDB’s managing director, Admassu Yilma Tadesse, in Port Louis.

“The opening of the Trade and Development Bank office is proof that our nation can become a credible financial hub,” said Jugnauth. “TDB’s governors’ board has approved the operation which will reinforce the position of Mauritius as a financial hub on the Common Market for Eastern and Southern Africa,” said Tadesse.

Based in Bujumbura (Burundi), PTA Bank was recently renamed Trade and Development Bank. The lender acts as the regional bank of the COMESA which regroups 19 countries. Since it was established in 1985, the institution disbursed about $10 billion of financing.