Standard Bank allocates $1b to Africa deals
The Standard Bank Group (SBG), parent company of Stanbic Bank Ghana, plans to allocate over $l billion to finance a number of African trade and commodities’ transactions in key targeted sectors this year.
The targeted sectors include energy and power, telecommunications, agribusiness, metals and mining as well as oil and gas.
Standard Bank’s Global Head of Trade and Commodity Finance, Mr Craig Polkinghome, said ahead of the 4th Annual West Africa Trade and Commodity Finance Conference slated for this week in Accra, natural resources continue to dominate African trade and that the group’s involvement was aimed at deepening trade inside Africa and between the continent and other emerging markets.
He said the sectors that were particularly strong at the moment were oil and gas, metals and agriculture.
“Africa’s trade continues to grow strongly across broad geographical areas and commodity sectors. We continue to support commodity trade flows in Africa through our financial backing of commodity producers, exporters and importers, manufacturers and trading companies. We will continue playing a key role in trade finance,” Mr Polkinghome said.
He said Standard Bank would increase its involvement in the oil and gas sector, especially in West Africa where there had been increased exploration and investment activity by international oil companies.
In spite of infrastructural development challenges for the oil and gas industry in Africa, demand in Asia and other regions has increased the need for gas production, particularly in East Africa.
The annual Exports West Africa Trade & Commodity Finance Conference, co-sponsored by Standard Bank, brings together industry decision-makers and experts including corporate bodies involved in trade and export finance, local and international banks, multilateral institutions, export credit agencies, lawyers and commodity traders.
Rooted in Africa, the (SBG) is Africa’s largest bank by assets. The group delivers banking and related financial services that help strengthen Africa’s connections to key markets and in turn enhance those markets’ connections to Africa.
The group has more than 1000 branches in 17 African countries and 13 countries outside Africa.
Source: Daily Graphic