Stanbic Bank Zimbabwe has availed $164 million over the past 12 months to fund the working capital needs of the country’s mining sector, a local paper The Herald reported Monday.
The funding represents 71 percent of the sector’s working capital requirements. Stanbic’s corporate and investment banking director, Rhett Groves, told guests at the Chamber of Mines presidential gala dinner recently that their support for the sector is premised on its importance to economic development.
“Mining is without a doubt the sector that is playing a leading role in the current economic transformation push and ongoing Zimbabwean renaissance.
“This and other reasons, is clearly why we look for ways to continuously demonstrate our commitment to partner the industry,” said Groves.
The mining industry is a key pillar of the economy, contributing in excess of 15 percent to nominal GDP; 50 percent to national exports and 60 percent to foreign direct investment flows into the country.
According to The Herald, Groves said such statistics give impetus for Stanbic Bank to constantly search for ways to leverage its parent company, Standard Bank Group’s expertise, as well as the increasingly positive sentiment Zimbabwe is currently enjoying.
“We are immensely excited at the outlook and numerous opportunities out there and we are working tirelessly to turn these opportunities into reality.
“To you the industry, we commend the leading role you play and the massive efforts demonstrated in employment creation (2 percent to the national formal employment statistics) and education via the various corporate social investment programmes in the communities where you operate,” said Groves.
Stanbic has been sponsoring the Chamber of Mines’ annual general meeting in the last decade.
In February this year, Stanbic also sponsored the two-day mining investment conference held in Harare.
The conference was sponsored in conjunction with African Chrome Fields and Liberation Mining, as well as the Ministry of Mining and Mining Development, Minerals and Marketing Corporation of Zimbabwe (MMCZ) and Chamber of Mines.
As wholly owned subsidiary of Standard Bank Group, Stanbic says its mission is to drive the continent’s growth.
Source: The Herald