Stanbic, top Chinese bank explore new business deals

Tue, 28 Feb 2017 11:01:37 +0000

BY MAILESI BANDA

THE Industrial and Commercial Bank of China (ICBD) and Stanbic Bank are exploring new business opportunities to expand their co-operation into new areas and create solutions to challenges in accessing finance for big projects, Stanbic head of corporate and investment banking Helen Lubamba has announced.

Ms. Lubamba acknowledged the role China had played in sectors such as construction, energy, tourism, agricultural and processing leading to more opportunities for socio-economic development in Zambia.

She said Stanbic Bank was committed to ensuring that they provided capital for investments in construction, production and manufacturing sectors and that the bank had identified ICBD as a major partner in driving Zambia’s socio and economic growth.

“As a bank we see ourselves as a major partner in China’s plans of increasing its investment in Zambia’s construction, production and manufacturing sectors, through the provision of the much-needed capital,” she said.

She announced that over 500 Chinese companies operated in Zambia with a cumulative investment of over US$3 billion which had resulted in about 50,000 jobs.

She added that the ICBC identified Africa as an important growth market long before it was fashionable for global banks to do so.

She said Stanbic Bank and ICBC were working together on a wide range of initiatives, with a strong focus on supporting infrastructure investment and industrial development in Africa.

She said the banks had contributed to the growing of trade and investment flows between China and Africa.

She said as part of the contributions to the construction sector the bank had launched a new construction banking service to finance building projects in the construction industry.