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Stanbic anticipates more energy deals

CYNTHIA MWALE, Lusaka
STANBIC Bank Zambia Limited is optimistic that there will be agreements between power-deficit countries and those with excess during the 2016 African Development Bank (AfDB) Annual Meetings which start today.
The event, under the theme “Energy and Climate Change”, and draws on one of African Development Bank’s “High 5” priority areas, namely to “Light up and Power Africa”, which runs from May 23-27, has attracted over 4,000 delegates.
It also reflects the New Deal on Energy and the key resolutions from the recent UN climate talks (COP21) on global warming
Stanbic Bank Zambia chief executive Charles Mudiwa said the bank is looking forward to Zambia successfully hosting the event that is being held at the Mulungushi International Conference Centre in Lusaka, Zambia.
The 2016 Annual Meetings theme is aligned with two of the Sustainable Development Goals (SDGs): SDG 7 to “ensure access to affordable, reliable, sustainable and modern energy for all” and SDG 13 to “take urgent action to combat climate change and its impacts”.
Commenting on the event yesterday in a statement, Mr Mudiwa said power trading agreements between countries that possess excess power generating capacity and those battling supply shortages will be a dominant theme in the electricity markets of south-central African nations in the next three to five years.
“Power will increasingly become one of the most tradable commodities across the region in the coming years given the electricity shortage we are seeing across southern Africa.
“As Stanbic Bank we are excited about this year’s conference theme, Energy and Climate Change, as this is a key sector that we know drives Zambia’s economic growth. As a bank, we will continue to drive Zambia’s growth by making possible progress in the energy sector and economy within Zambia and the rest of the continent,” he said.
To this end, the bank has partnered with the Ministry of Energy and Water Development in hosting the successful Zambia International Energy Conferences over the last two years. Over the last two years the bank has also financed over US$650 million towards the Zambian power and energy sector.
These major financing deals have been for the benefit of the country and the Zambian people so that Zambians from all sectors of society across the country can be connected to the national grid and access electricity instead of using wood fuel for their basic energy needs as is the case in most households.