Business

‘Stanbic continues to be significant’

KABANDA CHULU, Lusaka
STANBIC Bank has continued to play a significant role in the Zambian economy through arranging project finance worth US$3 billion in the last 18 months to support key drivers of the country’s economy.
And the bank was last week declared best agribusiness bank in Zambia in 2016 by the Global Banking and Finance Review following Stanbic’s investment of US$155 million in the local agriculture sector.
Since last year, Stanbic has financed investment projects in agriculture, infrastructure, manufacturing, mining and energy sectors, among other industries.
According to a statement, the bank’s commitment for Zambian businesses, corporates and small and medium enterprises (SMEs) is reflected in its investment and loan portfolios.
“The bank’s investment in the country’s sectors includes the raising and funding in excess of US$3bn worth of projects across the mining spectrum in Zambia from copper, cobalt, uranium and gold to lime production, and well over US$150 million and US$385 million in infrastructure development and energy, respectively, over a period of 18 months,” it stated.
On the agribusiness award, the bank stated that it has been working with players in the agriculture sector, ranging from small-scale to commercial entities, and it will remain committed to driving growth in the sector.
“By leveraging off regional business partners, Stanbic Bank has been successful in creating banking ecosystems around its group relationships to support customers across borders. This has allowed it to support major acquisitions of agriculture assets in Zambia in both the public and private sectors.
“We strongly believe in the agriculture sector’s ability to contribute significantly to the national gross domestic product, and we are very keen to ensure that our farmers and supporting businesses across the different scales achieve the full potential in their value chains,” it stated.
It stated that Stanbic will continue adding value above its normal banking solutions to clients who include farmers in major farming areas such as Mkushi, Lusaka, Mazabuka, Kabwe and Choma and the new developing farming regions.
“Stanbic has a strong agribusiness banking proposition that is knowledge-based and driven by a team of dedicated agricultural specialist bankers with relevant insights into the whole agriculture value chain,” it stated.

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