KELLY NJOMBO, Lusaka
STANBIC Bank Zambia says investing in key sectors of the economy will enable the country to successfully implement the Seventh National Development Plan (7NDP).
Bank chief executive officer Charles Mudiwa is encouraged that the 7NDP recognises the importance of private sector contribution to the growth of the economy.
Mr Mudiwa said this at the presidential luncheon in honour of South African President Jacob Zuma and his Zambian counterpart Lungu during the 91st Agricultural and Commercial Show.
This is contained in a statement availed to the Daily Mail yesterday.
“As a bank, we have correctly positioned ourselves as a partner in key growth-driving sectors namely mining, agriculture and energy, as well as supporting their business activities.
“We are ready to provide various financial services and products which will be a key factor in the success of the 7NDP… We are committed to supporting the agriculture despite challenges faced by the sector such as climate change,” he said.
Mr Mudiwa said although mining still remains an important economic area for many years to come, agriculture will always be the bank’s top priority area.
“Stanbic understands the agriculture potential of Zambia and is aligned to the Government’s diversification strategy away from focusing on the risk in mining as the bank is well-positioned to capture this opportunity niche,” he said.
Mr Mudiwa said support to the agricultural sector, production and entrepreneurial activities has led to more small and medium-sized enterprises (SMEs) to grow their investments.
Currently, the bank is serving about 10,000 SMEs and has extended its loan and advance portfolio to K1.4 billion.