Business

Stanchart injects K2.8 bn in economy

KALONDE NYATI, Lusaka
STANDARD Chartered Bank has this year injected about K2.8 billion into the Zambian economy through the financing of key sectors as the bank aspires to remain a major player in the country’s growth.
Standard Chartered Bank managing director Andrew Okai said the bank’s loan book currently stands at about K2.8 billion, demonstrating its commitment to ensure that access to finance is achieved to growth sectors.
Mr Okai said the bank, which is celebrating 110 years of its existence in Zambia, has supported various sectors of the economy citing the US$60 million loan provided to Zesco Limited in partnership with United States Agency for International Development among other projects financed this year.
In addition, the bank is also supporting between 6,000 and 7,000 small-medium scale enterprises (SMEs) in various sectors in the country.
He said this at a press briefing on Wednesday evening to announce the commemoration of 110 years in the country and launch of the brand campaign, ‘110 years in Zambia- Here for Africa’, aimed at reiterating its commitment to continue investing in Zambia and Africa.
“We will use the campaign to demonstrate that the bank remains firmly committed to Zambia. Standard Chartered Bank has stayed in Zambia through tough and prosperous economic cycles.We will remain a force for good,” he said.
Mr Okai said the bank, which opened its first branch in Kalomo in 1906’, will also continue to pioneer banking innovation with the group expected to roll out US$1.5 million programme over the next three years aimed at accelerating digital banking with the Zambian subsidiary being a beneficiary.
Under corporate social responsibility, the bank has invested US$ 3 million to prevent blindness under the Seeing is Believing programme from 2009 to 2019.
At the same occasion, Standard Chartered Bank chairman Michael Mundashi also pledged the firm’s commitment to invest in core growth sectors in Zambia to ensure sustainable development.
In a speech read for him by board member Robbin Miller, Mr Mundashi said despite the market conditions being unfavourable, the bank will remain committed to supporting the country.
“Our years of experience have positioned us to face economic headwinds and market challenges with our clients at the heart of our


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