The Seychelles became the nineteenth member of the PTA Bank in February 2005, joining 16 African countries, the People’s Republic of China and the African Development Bank (ADB), buying 135 shares in the bank, at a cost of US $13,600 a share.

The main mission of the Bank is to act as a tool or a vehicle for contributing towards the socio-economic development of its Member States through promoting intra-COMESA trade and the economic integration of the COMESA sub-region.

Membership of the bank will allow the business community in the Seychelles to access project and trade financing from the bank. According to Seychelles Minister for Economic Planning and Employment Jacqueline Dugasse Gondwe, the bank has developed into a strong organisation with a well established network in partner financial institutions and export credit agencies, giving the business community in member countries access to the international money markets. He added that the agreement was also an important boost to the Seychelles' private sector at a time of major economic reform.

Opening the seminar on Tuesday, Joseph Nourrice, chief executive officer of the Seychelles Investment Bureau, observed that the bank has had a good track record of success in recent years, and urged the business community to utilise its services.

"On behalf of the Government I impress upon you to make the most of the facilities available," he told the gathering of local business representatives.

However, it has been reported by the Seychelles Nation that some business leaders in the country have expressed concern that loans made in foreign exchange would have to be repaid in foreign exchange, therefore preventing non foreign currency earning businesses from benefiting from the PTA's presence.

"Whereas the PTA bank may provide the window of opportunity we have all been waiting for, the reality is that the loans made in foreign currency have to be repaid in foreign currency. Therefore, without a firm commitment from government to create the enabling environment for the repayment of the loan, it is evident that only businesses in the front line of foreign currency collection will be able to benefit from this golden opportunity," said Nichole Tirant-Gherardi of the Seychelles Chamber of Commerce and Industry (SCCI).

With a minimum loan amount of US$300,000, Mr Longwe stated that the bank will probably only lend to larger institutions, although he added that small firms may benefit if loans are made to local institutions that subsequently "lend on" to small businesses.

The PTA Bank has identified tourism, fishing, telecoms, transport and the energy sector as possible beneficiaries of the bank's backing.