StanChart supports private sector through loans

STANDARD Chartered Bank has between last year and this year extended loans to the private sector to a tune of US$100 million to accelerate private sector-led growth, regional head of commercial banking in southern Africa Ngenda Nyambe has disclosed.
Mr Nyambe said in an interview recently that about US$ 60 million was disbursed to clients in the construction, energy, wholesale and retail, transportation, pharmaceuticals, technology, hardware and equipment this year alone from US$40 million provided last year.
“At present, we have extended around US$100 million in facilities to clients in our focus sectors. At Standard Chartered Bank, we will continue to support the growth of businesses and contribute to the development of Zambia’s economy in line with our brand promise,” he said.
He said the private sector is an engine of growth and interventions aimed at supporting the sector will go a long way in unlocking the potential.
Mr Ngenda said the bank has increased its focus on local businesses.
He said the bank in 2014 established the commercial banking business segment to target mid-sized businesses.
“These clients are essentially the growth engine of both the bank and the economy in general. Commercial banking is at the heart of the bank and will play a crucial role in the development of the Zambian business sector.

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