Friday, 1 April 2011

STANDARD CHARTERED BANK, ZAMBIA’S LEADING LENDER HAS ARRANGED MORE THAN USD 2 BILLION TO FINANCE VARIOUS PROJECTS IN THE MINING SECTOR DURING THE NEXT 5 YEARS

STANDARD CHARTERED BANK, ZAMBIA’S LEADING LENDER HAS ARRANGED MORE THAN USD 2 BILLION TO FINANCE VARIOUS PROJECTS IN THE MINING SECTOR DURING THE NEXT 5 YEARS AS PART OF THE DEVELOPMENT PROGRAM FOR THE INDUSTRY, THE COUNTRY'S MAINSTAY.
THE FINANCING, ARRANGED IN LOANS AND OTHER FINANCIAL SERVICES IS INTENDED TO FINANCE CAPITAL EXPENDITURE, PROJECTS AND PROVIDE WORKING CAPITAL FOR MINING OPERATIONS AS WELL AS PROVIDE RECEIVABLE SERVICES TO ASSIST THE GROWTH THE SECTOR THE COUNTRIES MAIN ECONOMIC MAINSTAY.
HEAD OF ORIGINATION AND CLIENT COVERAGE ROBIN BAIRSTOW SAID THAT THE FINANCING ARRANGED WILL BE PROVIDED IN FORM OF LOANS AND OTHER FINANCIAL SERVICES IN WHICH THE MINING COMPANIES ARE EXPECTED TO UNDERTAKE VARIOUS PROJECTS AND THE BANK ALSO PROVIDES BANKING SERVICES TO THE MINING SUPPORT INDUSTRIES THAT INCLUDE CREDIT FACILITIES TO FINANCE CAPITAL EXPENDITURE, PROJECTS AND WORKING CAPITAL FOR THEIR OPERATIONS, AS WELL AS RECEIVABLE SERVICES.
MR. BAIRSTOW SAID THAT OTHER SERVICES UNDER CONSIDERATION INCLUDE INFRASTRUCTURE DEVELOPMENT INITIATIVES ON THE CARDS THAT INCLUDE UPGRADING OF RAIL SYSTEM AND ROADS INCLUDING HOUSING DEVELOPMENT AND HYDRO POWER GENERATION PROJECTS AND ENHANCING ECONOMIC ZONES UNDER CONSTRUCTION.
STANDARD CHARTERED ZAMBIA FACILITATES EMPLOYMENT GENERATION GIVEN NEW OPPORTUNITIES DRIVEN BY INVESTMENTS IN THE MINING AND SUPPORT SECTORS WHICH WILL RESULT IN INCREASED DEMAND FOR GOODS AND SERVICES, GIVEN THE OVERALL IMPROVEMENT ECONOMY OF THE COPPERBELT AND NORTH WESTERN PROVINCES OF ZAMBIA.
MR. BAIRSTOW SAID THAT STANDARD CHARTERED ENVISAGES PLAYING AN IMPORTANT ROLE IN THE GROWTH OF THE MINING SECTOR, CONSIDERING THE SEEMINGLY POTENTIAL THAT THE SECTOR HAS SHOWN.
THE LENDER IS ALSO PLAYING A LEADING ROLE IN PROVIDING RISK MANAGEMENT SOLUTIONS THAT INCLUDE COMMODITY AND FOREIGN EXCHANGE HEDGING AND CASH MANAGEMENT SOLUTIONS LIKE TREASURY SERVICES WHICH INCLUDE LOCAL AND CROSS BORDER PAYMENTS.
THE BANK, ONE OF THE MAJOR BANKS WITH A LARGE ASSET PORTFOLIO IN THE COUNTRY ALSO PROVIDES LOANS FOR PROJECTS AND CAPITAL EXPENDITURE TO ITS CUSTOMERS AND THE PROGRAM IS MAINLY UNDERTAKEN TO FUND EXITING AND NEW PROJECTS FOR FUTURE GROWTH ASSET BACKED FINANCING TO FINANCE ACQUISITION OF EQUIPMENT TO INCREASE PRODUCTION CAPACITY AND TRADE FINANCE FOR WORKING CAPITAL FINANCE INCLUDING IMPORT AND EXPORT FINANCING.
IT ALSO PROVIDE ELECTRONIC BANKING WHICH ENABLES CLIENTS INITIATE LOCAL AND CROSS BORDER SUPPLIER AND SALARY PAYMENTS, AUTOMATING BANK RECONCILIATIONS, INITIATING LETTERS OF CREDIT TRANSACTIONS AND TREASURY SERVICES IN ADDITION TO CORPORATE ADVISORY SERVICES.
THE STANDARD CHARTERED BANK IS WELL POSITIONED TO PLAY A VITAL ROLE BY PARTICIPATING IN SOME OF THE INFRASTRUCTURE DEVELOPMENT INITIATIVES IN THE OFFING INCLUDING PROVISION OF CORPORATE ADVISORY SERVICES TO WOULD BE SPONSORS OF SOME OF THE PROJECTS IN RAISING CAPITAL.
ADDITIONALLY, AS BUSINESSES EXPAND, DEMAND FOR BANKING SERVICES WILL INCREASE AND ADDITIONAL MANPOWER WOULD BE RECRUITED BY THE BANK.
THE BANK WILL CONTINUE WITH ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVES TO ASSIST THE COMMUNITY IN THE AREAS OF HEALTH, EDUCATION, YOUTH EMPOWERMENT AND THE ENVIRONMENT

published by augustine

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