FINANCE

STANBIC HIGHLIGHTS THE ROLE OF THE FINANCIAL SECTOR IN MINING

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Stanbic Bank CE Mr. Leina Gabaraane (second right), hosting   Zambian Government Officials and key Stakeholder at the Standard Bank Pavilion during the Investing in African Mining Indaba in Cape Town.

Stanbic Bank CE Mr. Leina Gabaraane (second right), hosting Zambian Government Officials and key Stakeholder at the Standard Bank Pavilion during the Investing in African Mining Indaba in Cape Town.

CAPE TOWN, SOUTH AFRICA – Stanbic Bank Zambia has underscored the important role the financial sector plays in providing the much-needed capital for growth and development of the mining sector, which the bank sees as an economic growth sector.
Speaking on the side-lines of the 2018 Investing in African Mining Indaba being held in Cape Town this week, Stanbic Bank Zambia Chief Executive Leina Gabaraane said that the bank was part of driving and generating growth for the Zambian economy, while understanding government’s aspirations of developing the mining sector, creating jobs and wealth.

Mr Gabaraane however said that the apart from providing capital, the bank also plays an advisory role on the best principles as well as best industry standards to implement in the mining sector.
“It’s not just capital, it’s also advisory to government, to say these are the best principles, these are best standards, this is what we have seen in our exposure in other markets. So, we provide advisory, we provide capital, we provide best industry standards to say this is how we should be doing it,” said Mr Gabaraane.

Speaking at the same event, Mines and Minerals Development, Hon. Christopher Yaluma said that government’s vision for the mining sector is that the sector contributes to the achievement of the Vision 2030, with the aim of Zambia becoming a prosperous middle-income state. “The vision of the government for the mining sector, is a vibrant mining industry contributing to the achievement of the Vision 2030. Through the Vision 2030, Zambia aims to become a prosperous middle income nation by that date, to raise the contribution of mining to achieving the vision,” said Mr Yaluma.

Stanbic has raised and funded more than US$3 billion worth of projects across the mining spectrum from copper, cobalt, uranium and gold, to lime manufacturing, and well over US$150 million and US$385 million in infrastructure development and energy, respectively.