STANBIC, ICBC PACT BOOSTS ZAMBIA`S GROWTH
By BUSINESS REPORTER THE 10-YEAR partnership between Stanbic Bank Zambia and the Industrial and Commercial Bank of China (ICBC) is helping to boost Zambia’s economic growth, Infrastructure and Housing Minister Ronald Chitotela has said.
Mr Chitotela said government's passion for the growth of infrastructure was evidenced in the quantity of relevant projects that have been completed so far.
The Minister said this when he graced the celebration of the 10th anniversary of partnership between Stanbic Bank Zambia`s parent company, the Standard Bank Group and ICBC at Lusaka’s Golden Peacock Hotel.
“Stanbic Bank Zambia and the ICBC have been hugely supportive in providing invaluable technical and financial support toward the completion of many of these projects including construction of the 750MW Kafue Gorge Lower hydro-power project at a cost of US$2 billion,” he said.
The project was co-financed by ICBC and currently employs over 2,500 Zambians, while over 4,000 people are expected to be employed upon completion.
“I am glad to note that cooperation between the ICBC, Stanbic Bank and government is poised for further growth with more projects still in the pipeline,” he said.
In February this year, he said, Cabinet approved government’s plan to construct 400km of roads with financing from the Export and Import Bank of China and the ICBC. Construction of the roads, which is part of the L400 is expected to start soon.
And Stanbic Bank Zambia Chief Executive Leina Gabaraane said the strategic partnership with ICBC facilitates efficient capital flow and cross-border trade between Africa and China. “Through ICBC and Standard Bank Group’s presence in China, we have strong relationships with Chinese businesses – many of whom are already playing a significant part in the infrastructural development of African markets," he said.