Stanbic Bank and Zambia Development Agency (ZDA) have signed an agreement to enable the bank to assist incoming investors in their investment efforts in the country.
The memorandum of understanding will also allow Stanbic to facilitate trade and investment opportunities in Zambia and within the bank’s regional and global business community and direct companies looking to invest in Zambia to ZDA.
In turn, ZDA will also support companies within the Stanbic bank’s ecosystem in their investment projects and ease their doing of business in Zambia.
In a statement issued last Friday, Stanbic Zambia chief executive Leina Gabaraane said the bank has a keen interest in driving Zambia’s growth.
“To achieve this, we have consistently directed resources toward initiatives and services that promote trade and investment in the economy to stimulate sustainable growth.
“We have been inspired by the passion from our colleagues at the ZDA in promoting Zambia’s economic potential. We also discovered they shared our view on the importance of foreign direct investment (FDI) as a long-term source of investment capital and technologies to propel Zambia forward,” he said.
Mr Gabaraane said FDI is one of the key focus areas for both institutions.
“We finally decided to join forces to promote and develop our common interests. The agreement we have signed is an illustration of our willingness to strengthen our cooperation in fostering development in Zambia,” he said.
And ZDA director general Perry Mapani said the agency is happy with the formalisation of the partnership to strengthen various areas of cooperation.
“It is also the desire of this agreement that the two parties share necessary information on the investment climate, tax regime and other economic and commercial data such as relevant company information and contacts; information on trade and investment seminars and any other trade and investment promotion activities, including projects seeking packaging,” he said.
Mr Mapani said the strengths of the two parties will complement each other in the quest to promote economic development and capture regional and global markets.
In 2017, the two parties pooled resources together and hosted the Zambia-Spain investment summit and the South Africa-Zambia investment summit, both of which were held in South Africa