STANBIC TANZANIA PROMOTES INVESTMENT BETWEEN TANZANIA AND CHINA

Stanbic Bank Executive Head of Corporate and Investment Banking, Thomas Bisonga officiating a Chinese Economic Forum in Dar es Salaam on Tuesday. The forum was organized to demonstrate the bank’s commitment to partner with Chinese customers in their quest to move their business to the next level.

Dar es Salaam, March 15 2017 - STANBIC Bank Tanzania (SBT) continues to improve the investment climate and providing value added services to the Chinese business community wanting to invest in Tanzania.

According to the bank’s Executive Head of Corporate and Investment Mr. Thomas Bisonga, the China direct investment will be driven by Stanbic Bank Tanzania’s aspiration of, supporting the growth of economic activities in Africa. 

Mr. Bisonga was speaking during a Chinese Economic forum organised by the bank in Dar es Salaam on Tuesday. The forum was organized to demonstrate the bank’s commitment to partner with Chinese customers in their quest to move their business to the next level.   Through the partnership, Stanbic Bank is able to link its clients to growth opportunities offered by Tanzania, and other African economies.

The forum was also addressed by Teams from ICBC, who are Standard Bank Group’s strategic partner Bank, SinoSure and Standard Bank representative office in China

Stanbic offers a wide range of services to Chinese and other businesses in Tanzania – Bid Bonds, guarantees, foreign exchange and debt, and clients have access to these services at all times throughout Stanbic Bank’s physical and electronic channels.

Stanbic established a China desk that facilitates free flow of business between the two countries, and has a Mandarin speaking staff to assist with the Communications aspects when required. The bank leverages on its footprint in 20 African countries, to provide the expertise and relationships to assist clients, and negotiate complex financial and regulatory cross-border environments.

“We established the China Dedicated Desk to help facilitate international trade, infrastructure projects and investments between Tanzania and China,” he said, adding that the service makes Stanbic better placed to meet the needs of all Tanzanians and Chinese seeking to do business in the region.

Bisonga noted that since inception of the Desk, hundreds of companies from China and Tanzania have enlisted with the bank. Bisonga said Stanbic has systematically rolled out similar services in its other branches on the continent

He said SBT leverages on Standard Bank’s extensive geographical footprint which provides the ideal gateway to promote cross-border investments between Africa and China.   

“The launch of our China Desk creates a hub in Tanzania to help our clients in Tanzania take advantage of the growth opportunities in one of the continent’s most promising economies”, said Bisonga.

He praised the country’s focus on Infrastructure and industrialisation expansionary as these would lead sound economic development, and will spur economic growth and benefit to Tanzania.

Speaking at the same forum, Jibran Qureishi the bank’s Economist for East Africa appealed to the government to foster a conducive business environment that will make Tanzania a viable investment destination.

“This can be achieved by prioritizing the various public sector reforms to ensure fiscal prudence in the management of financial resources,’ said Qureishi.

Qureshi underscored the urgent need to continue investing in infrastructure development, especially the utilities sector that includes power, water and sanitation systems.

He elaborated that major infrastructure projects could be undertaken through Public Private Partnerships (PPPs) whereby the government would facilitate the process while private investors provide the capital requirements.

ENDS