Business

Stanbic, Avic in US$25 million deal

ESTHER MSETEKA, Lusaka
STANBIC Bank has provided a loan facility of US$25 million to AVIC International Holding Corporation for the construction of phase two of the Edgar Chagwa Lungu (ECL) shopping mall in Kitwe.
This follows after National Pension Scheme Authority (NAPSA) acquired 3.9 hectares surrounding Freedom Park land in Kitwe Bank including the unfinished building, at a cost of K223 million.
Stanbic Bank chief executive officer Charles Mudiwa said in the last few years, the bank has financed over US$135 million for the construction of malls namely Mukuba in Kitwe, Kafubu and Jacaranda in Ndola, East Park, Manda Hill and Cosmopolitan in Lusaka.
During a partnership deal announcement with AVIC International Holding Corporation, the contractor for the ECL Mall, Mr Mudiwa said the bank is committed to supporting various developmental projects that stimulate economic growth and further improve the livelihood of the citizens.
“As a member of the Standard Bank Group, the largest African bank by assets, Stanbic Bank Zambia remains committed to serving its client. [The] bank is providing a credit line in the construction of the ECL Mall in Kitwe,” he said.
Mr Mudiwa also cited the recent US$163 million the bank gave Zesco Limited for the financing of the connection and switching on of Mwinilunga to the national electricity grid.
“Zesco is on course to switch on Mufumbwe, Kabompo, Manyinga, Mumbezhi, Zambezi, Chavuma and Lukulu in North-Western Province. We are hopeful that the development will spur economic activities that will in turn boost fiscal growth in the province,” he said.
Earlier, AVIC International Holding Corporation civilian representative Xu Fei said it has since moved on site.
Mr Xu said the project is anticipated to create about 1,000 jobs for the local people.
“We have just finished phase one of the project and we have started phase two and our team is already on the ground. We started last week and hope to complete within 18 months. We have already engaged about 200 people.”

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