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Capitalised banking sector vital – Mutati

GOVERNMENT says a well-capitalised banking sector is key to Zambia’s competitiveness on the global market and as a preferred investment destination in Africa.
Minister of Finance Felix Mutati said Government will continue investing in infrastructure, energy and aviation sectors among others, to enhance the country’s attractiveness for foreign investment.
Mr Mutati said this when he officiated at a Standard Chartered Bank welcome cocktail for its newly-appointed chief executive officer Herman Kasekende on Friday night.
“The presence of well-established banks in the market, such as Standard Chartered, serves to enhance our competitiveness and position as one of the most attractive investment destinations in Africa. Government is committed to promoting sound economic policies and invest in infrastructure to attract foreign investment into key sectors of our economy,” he said.
Mr Mutati also said Government would soon pass a legislation to allow the use of movable assets as security to increase options for collateral while easing access to financial services.
And incoming bank CEO Herman Kasekende said it is encouraging to note that there is a lot of excitement among investors about Zambia’s economic prospects.
Mr Kasekende said the bank is keen to support Government’s business and fiscal agenda to diversify the economy.
“As a business, we see opportunities in the energy, mining, agriculture and construction sectors, among others. We have all seen the clear positive shoots of economic recovery such as a stable exchange rate, reduced interest rates and inflation at single digit,” Mr Kasekende said.
He further said that the bank’s is keen to support Government’s business and economic agenda to diversify the economy.
And Standard Chartered board chairman, Michael Mundashi pledged the bank’s commitment in providing quality services owing to its 110 years of existence in the country.
“As a bank that has been operating in Zambia for 110 years ,we have a deep understanding of the local market  and this enables us to  provide  innovative products and services specifically  tailored to meet your  needs and in this way, we believe we make a difference to the economy,” Mr Mundashi said.