Stanbic Chief Executive Mr. Ken Cockerill said, “Stanbic Bank is well positioned to play an important role in supporting Tanzania’s second Five Year Development Plan, which seeks to encourage industrialization and promote economic growth and social development.”
Mr Cockerill also mentioned that, “Infrastructure development is the cornerstone for sustainable long-term economic growth and competitiveness. With that in mind we are proud to be at the forefront of bridging the infrastructure funding gap to accelerate socioeconomic transformation in Tanzania.”
Unlocking private sector funding will create solutions to bridge Tanzania’s and the continent's infrastructure deficit and challenging business environment by developing and financing infrastructure, natural resources and industrial assets with a view to enhancing productivity and generating economic growth across Africa.
The Government of Tanzania has in 2019 dedicated over TZS 12.2 trillion (USD 5.3 billion) towards key development projects that include Africa’s longest Standard Gauge Railway (SGR), the Uganda-Tanzania Crude Oil Pipeline and Julius Nyerere International Airport Terminal 3.
On his part, Stanbic’s Head of Corporate & Investment Banking, Mr. Manzi Rwegasira said, “Tanzania is well on its way to bridging the infrastructure gap which is critical to Tanzania becoming a middle-income country by 2025.”
Tanzania’s population is also growing at a rate of 1.6 million people per year and this is projected to reach 67 million people by 2025 and 77 million by 2030, hence the importance for modern infrastructure for an upcoming middle-income country.
Mr. Rwegasira added that, “It is through collaboration between the private and public sector, spearheaded by corporates such as Stanbic Bank Tanzania, that will drive inclusive development in our economy.”
Official data from the Bank of Tanzania shows that the country’s economy grew at an average GDP growth rate of 6.6% in 2018 with the infrastructure sector significantly contributing to this growth. This year, the economy is projected to grow by 7.1 % with infrastructure projects such as roads, ports and rail expected to drive Tanzania’s GDP growth.
Since, 2018 Stanbic has raised over TZS 300 billion in financing for Tanzanian companies and institutions across the agricultural, consumer, industrial, natural resources and government sectors.
The bank is committed to working with the government and key stakeholders to improve the investment and resource mobilization climate in order to ensure that Tanzania realizes its socio-economic aspirations by 2025.
About Stanbic Bank Tanzania
Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets.
Stanbic Bank Tanzania provides the full spectrum of financial services. Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate & Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Standard Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
Stanbic Bank Tanzania’s Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.
For further information, go to www.stanbicbank.co.tz
About Standard Bank Group
Standard Bank Group is the largest African bank by assets with a unique footprint across 20 African countries. Headquartered in Johannesburg, South Africa, we are listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB.
Standard Bank has a 156-year history in South Africa and started building a franchise outside southern Africa in the early 1990s.
Our strategic position, which enables us to connect Africa to other select emerging markets as well as pools of capital in developed markets, and our balanced portfolio of businesses, provide significant opportunities for growth.
The group has more than 53 000 employees, approximately 1 200 branches and over 9 000 ATMs on the African continent, which enable it to deliver a complete range of services across personal and business banking, corporate and investment banking and wealth management.
Headline earnings for 2018 were R27.9 billion (about USD2.1 billion) and total assets were R2.1 trillion (about USD148 billion). Standard Bank’s market capitalisation at 31 December 2018 was R289 billion (USD20 billion).
The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20,1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.
For further information, go to http://www.standardbank.com;
Or please contact:
Desideria Mwegelo
Head of Marketing
mwegelod@stanbic.com
Tel +255 (0) 22 219 6343
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