Mining Sector Benefits 71% of Working Capital from Stanbic Bank
Stanbic Bank Zimbabwe has invested $164m over the past 12 months to fund the working capital needs of the mining industry, representing 71% of the sector’s working capital requirements.
The leading financial services institution’s Corporate and Investment Banking (CIB) Director, Rhett Groves told guests at the Chamber of Mines Presidential Gala dinner, hosted by Stanbic Bank that the mining sector is of key strategic importance.
“Mining is without a doubt the sector that is playing a leading role in the current economic transformation push and ongoing Zimbabwean renaissance.This and other reasons is clearly why we look for ways to continuously demonstrate our commitment to partner the industry,” said Groves.
He noted that the mining industry is a key pillar of the Zimbabwean economy, contributing in excess of 15% to nominal GDP; 50% to national exports and 60% to FDI flows into the country.
Groves said such statistics gave impetus for Stanbic Bank to constantly search for ways to leverage its parent company, Standard Bank Group’s expertise, as well as the increasingly positive sentiment Zimbabwe is currently exuding.
“We are immensely excited at the outlook and numerous opportunities out there and we are working tirelessly to turn these opportunities into reality. To you the industry, we commend the leading role you play and the massive efforts demonstrated, unemployment creation (2% to the national formal employment statistics) and education via the various corporate social investment programmes in the communities where you operate,” added Groves.
He commended the mining industry for its contribution to the health sector,as well as infrastructure development in areas such as roads, clean water systems, electricity noting that every facet of life in Zimbabwe continues to be touched by the mining sector.
Stanbic Bank has been sponsoring the Chamber of Mines’ Annual General Meeting Conference, for the last decade.
In February this year Stanbic Bank proved its commitment to the mining sector by sponsoring the two-day Mining Investment Conference held at the Meikles Hotel in Harare.
The conference was sponsored in conjunction with African Chrome Fields and Liberation Mining, as well as 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 signaled its intention to play a pivotal role in championing economic growth in the Southern African country and beyond.