STANBIC REAFFIRMS ITS COMMITMENT TO GROWING ZAMBIA’S MINING SECTOR
Speaking on the sidelines of the 2018 Investing in African Mining Indaba being held in Cape Town this week, Stanbic Bank Zambia Chief Executive Leina Gabaraane said growing any business needed capital both for asset investment and day-to-day expenses, and that the mining sector, by the nature of its size, needed that in much larger amounts than most. Mr Gabaraane led a high-powered delegation of bankers from Stanbic Bank Zambia to the conference to highlight the importance of mining to the Zambian economy, while also looking at areas that the bank could further support for further growth. “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,” said Mr Gabaraane.
He said that the mining sector in Zambia had over the years contributed massively to the growth of the country’s economy, and that the country holds ten percent of the world’s copper, is one of the world’s largest cobalt producers, and is home to the world’s single largest producing emerald mine. With government’s continued support and that of its stakeholders, Stanbic could truly drive Zambia’s growth, he said, adding that the bank remained committed to providing innovative financial solutions and making tangible contributions, making a positive impact on the economy, society and the environment.
“By providing solutions to some of the financing challenges that various sectors of the economy faced in obtaining long-term funding, and ultimately towards facilitating growth in the development of sectors such as mining, agriculture, education, construction, health and so on.”
“Zambia’s conducive investment environment puts it in an advantageous position and there is great potential and room for investment and growth in the various sectors and industries. Stanbic has been a vital part of driving that growth and has financed and will continue to finance some of the major projects in the local agriculture, infrastructure, and mining and energy sectors,” he said. “Despite the many challenges the extractive industry has been facing, we are dedicated to supporting the sector because we believe that the industry remains an important foreign exchange earner for Zambia. Zambia is our home and we drive her growth,” he added.
Zambia’s Minister of Mines and Minerals Development, Hon. Christopher Yaluma, is among those speaking at the event, participating in three debates: How can we close the trust deficit between government, industry and communities? Mineral Resources Policy and Investment Opportunities in African Countries; and Enhancing transparency and good governance in the Extractives Sector.
The event is the world’s largest gathering of mining’s most influential stakeholders and decision-makers in African mining. It unites investors, mining companies, governments and other stakeholders from around the world to learn and network, all toward the single goal of advancing mining on the continent.