By Gillian Langmead
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.
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.
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