As it pledges continued support for infrastructure development in Zambia.
LUSAKA, ZAMBIA – Stanbic Bank Zambia has financed the refurbishment of Lusaka’s Arcades Shopping Mall. The new-look mall is the latest demonstration of the bank’s role in the country’s development.
Stanbic is one of the largest private sector investors in local infrastructure, having pumped a massive US$3 billion into Zambia’s infrastructure development.
Stanbic Bank first opened its doors in Zambia over 62 years ago and has since set itself apart as a bank that actively participates in stimulating growth in its clients’ lives as well as tthe national economy.
Stanbic Bank Head of Business Banking, Eddie Banda applauded the country’s real estate and infrastructure growth.
He said: “We say that Zambia is our home and we drive her growth. It is therefore gratifying to note the infrastructure development happening in the country that also includes the real estate sector.
Our deep understanding and expertise in structuring financial solutions has seen us grow as leaders in real estate financing in Zambia.
We have so far invested over US$160m in real estate and have funded the construction of several malls including Manda Hill, East Park Mall as well as Mukuba, Kafubu and many others.”
Mr Banda, who was speaking during the official commissioning of the modernised Arcades Shopping Mall, commended government for creating an enabling environment that is resulting in increased investment in various sectors of the economy.
He added that “In supporting Government efforts, we at Stanbic have focused our efforts in providing financing to key sectors of the economy like mining, agriculture, telecommunications as well as power and infrastructure among others. We therefore feel proud to have been part of the investment that Real Estate Investment Zambia Plc has put up today.
“This partnership extends to Stanbic Bank being a tenant at Arcades Shopping Mall from the time the mall first opened its doors. Our branch at the mall recently underwent a major upgrade with modern facilities to give our clients a pleasurable banking experience.”
Speaking at the same event, the acting Mayor of Lusaka City His Worship Mr Humphrey Kapapula said the development of a nation begins with organised infrastructure like the renovated Arcades Shopping Mall.
“The refurbishment of Arcades Mall complements our government’s agenda of encouraging increased private sector investment in infrastructure development thereby enhancing job creation and economic activity in the country,” he said.
And Real Estate Investments Zambia (REIZ) Non-Executive Director Mr Munakupya Hantuba commended Stanbic Bank for supporting the upgrading of Arcades Mall, adding that the bank had proved to be a valuable partner.