Stanbic pumps K1 b in agro sector
Published On June 29, 2015 » 1741 Views» By Administrator Times » Business, Stories
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StanbicBy MAIMBOLWA MULIKELELA –

STANBIC Bank has to-date disbursed more than K1 billion to support Zambia’s agriculture value chain.
Stanbic Bank chief executive Charles Mudiwa said the bank supports and prioritises agriculture as it was one of the main economic sectors in the country.
Mr Mudiwa said his bank was a strong player in agriculture supporting the sector with a loan book of over K1 billion across the value chain.
Last week on Thursday, Zambia Sugar signed a US$60 million syndicated term facility with Stanbic Bank, Barclays, ZANACO and Citi Bank.
The finance is aimed at product alignment and refinery project which the company is undertaking at the Nakambala Factory in Mazabuka.
Mr Mudiwa said this in a statement.
“Our longstanding relationship with Illovo has given us deep insights that have enabled us to be offering suitable financing that include the Illovo holding Company in Mauritius as well as arranging working capital finance to Illovo in Malawi as examples.
These capabilities have given us the expertise to arrange for deals intended for operations expansion as can be attested in the syndicated financing recently signed,” he said.

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