Stanbic bank pumps $120m into agro sector #zambia

STANBIC Bank Zambia has over the last few years invested
a total of US$120 million in the country's agricultural
sector.
Stanbic Bank head of agricultural banking Mwamba
Musambo said at the ongoing 88th Agricultural and
Commercial Show that the bank had invested $120 million
from January 2010 to December 2013.
Ms Musambo said the bank would also invest another $15
million between now and December 2014 targeting
commercial farmers.
"Just this year, we have invested about $40 million in the
agricultural sector.
But between now and December 2014, we will have
invested another $15 million," she said.
Ms Musambo said this gives the bank 33 per cent of the
market share and 46 per cent total asset book.
She said the bank would continue to support the entire
agricultural value chain through the provision of finance to
various segments as part of its commitment to the growth
of the sector.
Ms Musambo said the bank was aware that agriculture had
a huge potential in Zambia as well as the entire region and
could become a stable earner of foreign revenue through
exports.
She said the bank had been targeting commercial farmers,
but that it was considering providing support to small-scale
farmers.
Ms Musambo said the bank would soon be partnering with
a number of companies with the view of supporting small-
scale farmers.
She said the bank would partner with other organisations to
support small scale farmers in areas such as mechanisation
and providing equipment.
Stanbic head of marketing and public relations Kamiza
Chikula said the bank had invested $168 million towards
expansion of the grid and power distribution network into
North Western Province.
Mr Chikula said the bank was not only involved in
agriculture sector, but was also considering other sectors of
the economy.
"We are proud as the bank because we are not only active
in providing support to the agriculture sector, but we are
also looking at other sectors such as energy which is
critical to the development of the country," he said.