LEAD Stanbic targets financing for mining suppliers

By BUUMBA CHIMBULU

STANBIC Bank Zambia says it is strengthening financial support for local suppliers, contractors and entrepreneurs seeking to benefit from growing investment in the country’s mining sector.

The bank’s head of Enterprise Banking, Katongo Chilufya, said access to appropriate financing remained critical in helping Zambian businesses secure mining contracts, expand operations and participate in the sector’s supply chain.

Speaking during the official opening of the North-Western Chamber of Commerce and Industry (NWCCI) Expo in Solwezi, Ms Chilufya said the bank was providing tailored financial solutions to businesses seeking opportunities in the mining industry.

“The expansion of existing mining operations and development of new projects, particularly in North-Western Province, presented opportunities for local enterprises to supply goods and services,” she said.

Ms Chilufya said Stanbic supported Government’s Local Content in Mining agenda, which seeks to increase the participation of Zambian businesses in the mining value chain.

She said the bank was working with mining houses and local suppliers to address financing challenges and enable businesses to fulfil contracts and build capacity.

“At Stanbic Bank, we are particularly excited by the progress being made through the Local Content in Mining framework and the opportunities it presents for Zambian businesses to participate more meaningfully in the mining value chain,” she said.

Ms Chilufya said the bank offered specialised products, including Order Finance, which provides funding against confirmed purchase orders, and Invoice Discounting, which unlocks cash tied up in unpaid invoices.

The bank also provides Vehicle and Asset Finance to help businesses acquire equipment and expand their operations.

She said Stanbic had also introduced the Cross-Border Interbank Payment System, enabling eligible clients to make secure and efficient Renminbi payments to China.

Ms Chilufya said the facility was particularly important for mining suppliers importing machinery, equipment and spare parts.

She said increased participation by local businesses in mining would strengthen domestic supply chains, create jobs and support economic diversification.

Ends.