Stanbic & ZDA join forces to boost investment
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By Gillian Langmead
LUSAKA, ZAMBIA – Stanbic Bank Zambia and the Zambia Development Agency (ZDA) have signed a Memorandum of Understanding (MoU) aimed at improving cooperation between the institutions in fostering investment in the economy.
Leina Gabaraane Stanbic Chief Executive with Perry Mapani ZDA Director General
Leina Gabaraane Stanbic Chief Executive with ZDA Director General Perry Mapani
The MoU is an investment banking initiative that gives ZDA a proactive contact with private sector investors while Stanbic gets a direct link to government to facilitate the bank’s participation and support in national development matters.
During the signing ceremony held at ZDA offices in Lusaka, ZDA Director General Perry Mapani said the agency’s strengths were complemented by Stanbic Bank’s desire to boost investment in the local economy.
He said: “A little over a year ago, we came to discover that our strengths were complemented by Stanbic’s commitment to promoting business in Zambia, especially in the form of investments. We were basically doing the same thing. It therefore made sense to join forces and promote Zambia’s vast economic opportunities to the outside world and turn it into the number one investment destination on the continent.”
Speaking at the same event, Stanbic Bank Chief Executive Leina Gabaraane said having called Zambia home for over 60 years, the bank had a responsibility to drive the country’s growth. “To achieve this, we have formed strategic partnerships with both local and international company’s including the Industrial and Commercial Bank of China (ICBC), which is the world’s largest bank by assets,” he said.
“The two banks have so far invested over US$2.8 billion in infrastructure development projects in Zambia, with more projects planned.
“Our vast experience in Africa and Zambia has helped us understand the dynamics of the local economy. We believe Foreign Direct Investment (FDI) is an important long-term source of investment capital and technology that can help propel Zambia forward.
“The question then becomes, how do we position ourselves as a country to become the most attractive investment destination?”
He explained that there was need for appropriate skills and intimate knowledge of the opportunities available in Zambia as well as affordable financial support and investment expertise to be readily available for potential investors to access. The MoU serves to combine the skills and knowledge from ZDA with the expertise and monetary support from Stanbic to stimulate FDI inflow.
Under the agreement, Stanbic will facilitate trade and investment opportunities in Zambia within its regional and global business community and direct companies looking to invest in Zambia to ZDA, while the agency will support companies within the Stanbic Bank ecosystem in their investment projects and ease their doing business in Zambia.
Mr Gabaraane added: “The MoU we are signing today is an illustration of our willingness to strengthen our cooperation in fostering development in Zambia. We will pool our resources on events and activities likely to build the country’s profile abroad as was the case last year with the Zambia-Spain Investment summit and the South Africa- Zambia investment Summit.”
“As we have often said, Zambia is not only our home but is also a vital growth market for the Standard Bank Group in our Africa strategy hence we are passionate about her growth,” he concluded.
About Stanbic Bank Zambia Limited
Stanbic Bank Zambia Limited is part of the Standard Bank Group, Africa’s largest bank by assets. The Standard Bank Group, with strong African roots and leader in emerging markets, has on-the-ground representation in 20 African countries
Stanbic Bank Zambia Limited is the largest bank in Zambia by balance sheet, offering a full range of banking and related financial services. The Bank is well capitalized and its capital position is above the regulatory minimum. The Bank which has close to 60 years’ operating experience has a huge network of branches countrywide offering full spectrum of financial services from retail to corporate and investment banking. Our strategy is to be the leading financial services organisation in, for and across Zambia, delivering exceptional client experiences and superior value. We believe we can achieve this as Zambia is our home, we drive her growth. The Bank has been an integral part of the Zambian economy and is a leading player in the country’s financial services sector. http://www.stanbicbank.co.zm/ For media inquiries please contact: Gillian Langmead at Langmead & Baker Ltd;+260 979 060705;
info@langmead.com Gillian Langmead LLB (Hons), MBA, CIPR Accredited Practitioner, CIM Affiliate, AZIM Managing Director LANGMEAD & BAKER COMMUNICATIONS info@langmead.com
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