LUSAKA, ZAMBIA – Stanbic Bank Zambia is sending a top-level delegation of executives to the Mining Indaba in Cape Town this week (February 4-7, 2019) in a demonstration of its commitment to back the mining sector.
The delegation from the nation’s largest bank, led by Chief Executive Leina Gabaraane, will be in Cape Town for the week of the mining sector’s largest conference, which brings together industry and government leaders from across the globe.
“Mining matters to the people of Zambia. It is the country’s largest exporter, its largest taxpayer and largest private sector employer,” said Mr Gabaraane. “Stanbic sees itself as playing a pivotal role in the economy, and the mining industry has to be a key part of that commitment.”
“Stanbic is an all-weather friend to the extractives sector, which is by nature cyclical. Through good times and tough times the industry needs strong financial partners, whether to fund capital expansion plans or manage its day-to-day working capital requirements,” said Mr Gabaraane, who will be in South Africa meeting key players and discussing how the bank can provide support.
Finance Minister Hon. Margaret Mwanakatwe and Minister of Mines and Minerals Development, Hon. Richard Musukwa will also attend the event, which kicks off on Monday, February 4.
A Ministerial Symposium sponsored by Africa’s largest bank, Standard Bank, of which Stanbic is a member, is a key side-line event on February 3.
The conference will be opened by South African President Cyril Ramaphosa joined by President of Ghana Nana Akufo-Addo, It has also attracted more than 35 ministers from across Africa.
After government, the extractive industry is the country’s largest employer. The sector’s contribution towards lower unemployment extends beyond its direct workforce to include contractors in the mining value chain as well as other businesses down-stream.
The industry plays a crucial role in stimulating development in the areas of its operation, as new roads, housing projects and utilities are built to service the mines and surrounding communities, contributing to the overall development of the country.
Stanbic is the largest funder of the sector in Zamia, providing US$3 billion of finance over the last five years.