Stanbic and ZDA join forces to boost investment

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Leina Gabaraane Stanbic Chief Executive (right) with Perry Mapani ZDA Director General

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.

“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,” stated Mapani.

And Stanbic Bank Chief Executive Leina Gabaraane says 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,” Gabaraane 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.

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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Start: 2019-07-01 End: 2019-07-31