We are committed to mining investment, says Stanbic Bank

2018-03-19 00:00:00.0

Leading financial services institution, Stanbic Bank Zimbabwe, has lived up to its billing as a champion for driving Zimbabwe and Africa’s growth by sponsoring the two-day Mining Investment Conference which was held from 27-28 February 2018.

Stanbic Bank was one of the top sponsors of the conference, with support from 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 Bank explained that they are on a quest to drive Africa’s growth going forward and the sponsorship of the biggest mining conference since the new political dispensation in Zimbabwe signals its intention to play a pivotal role in championing economic growth in the Southern African country and beyond.

A Sector Research Analyst from Standard Bank Group, Andre Snyders, presented his research and analysis on “Co-ordination and Deliberation” with a special focus on risk and uncertainty as he complemented the conference as one of the speakers on the line up.

 

Chief Executive Joshua Tapambgwa and the Head of Corporate Banking, Gift Dzvova, were part of the delegation from Stanbic Bank. Joshua expressed the importance the financial institution attached to the conference which displayed investors’ growing confidence in the country.

 

The Bank’s support towards the mining sector is growing in leaps and bounds having invested USD$88.8 million to fund the capital needs of various players in the mining industry in 2016. The USD$88.8 million capital injection represented 46% of the sector’s working capital requirements for the year which was set at US$ 194 million (10% of the industry’s gross income).

“Our participation in the Mining Investment Conference ranks high among our contributions to the sector as it comes when the country is buzzing amid real potential of the economy coming out of the woods against a background of opening doors for investors from far and wide to come and invest in Zimbabwe” said Joshua.

In a brief interview on the side-lines of the conference, Gift explained how mining in Zimbabwe is still one of the most viable investments and that Stanbic Bank is excited with the current ongoing thrust by the government to open the country to foreign investment as this will bring about the much-needed foreign currency while creating jobs.

“We have always been committed to playing our part in championing economic growth as shown by our support in various sectors such as agriculture, energy and mining. When it comes to mining, our support is streamlined from the shafts all the way to the administration. We are also a sponsor of the Chamber of Mines AGM and our participation at the Mining Conference demonstrates how we are determined to be major players in the new phase of the economic growth of the country,” she said.

The Head of State, President Emmerson Mnangagwa who was the guest of honour at the conference, has since declared that Zimbabwe is open for business and this has resonated well with both international investors and local players who are confident that a conducive operating environment is on the horizon as the government works to back the President’s proclamation.

 The Mining Conference organisers said Zimbabwe has turned a new leaf and echoed Mnangagwa’s call that Zimbabwe is “Open for Business” and that it is set on rapidly growing its economy with mining investors being key players. The Zimbabwe Mining Investment Conference 2018 discussed as well as showcased the vast investment opportunities in Zimbabwe’s mining sector.

ENDS///


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