STANDARD CHARTERED BANK IN THE PROCESS OF FORMULATING AND IMPLEMENTING ITS FIRST EVER ZAMBIA-CHINA TRADE TO FOCUS ON DOMESTIC FINANCING OF SME’S IN ZAMBIA ESPECIALLY THOSE IN THE MINING AND CONSTRUCTION SECTORS

STANDARD CHARTERED BANK SAYS IT IS IN THE PROCESS OF FORMULATING AND IMPLEMENTING ITS FIRST EVER ZAMBIA CHINA TRADE IN WHICH IT INTENDS TO FOCUS ON DOMESTIC FINANCING OF SMALL MICRO ENTERPRISES (SME’S) IN ZAMBIA ESPECIALLY THOSE IN THE MINING AND CONSTRUCTION SECTORS.

SPEAKING AT A PRESS BRIEFING IN LUSAKA TODAY STANDARD CHARTERED BANK MANAGING DIRECTOR FOR TRANSACTION BANKING IN AFRICA PETER SUN SAYS THE BANK HAS REALIZED THAT THERE HAS BEEN LACK OF DOMESTIC FINANCING BY HUGE CORPORATE ENTITIES IN THE COUNTRY AS MOST OF THE SME’S ARE UNABLE TO BORROW FROM THEM.

MR SUN SAYS ZAMBIA –CHINA TRADE WILL ALSO BE INCLUDED INTO THE AFRICA CHINA TRADE WHERE IT HAS BEEN NOTED THAT CHINA HAS PREFERRED AFRICAN MARKETS DUE TO ITS NATURAL UNTAPPED ENVIRONMENT AND WOULD WANT TO UTILIZE THIS OPPORTUNITY THROUGH INVESTMENT.

HE SAYS THE ZAMBIA-CHINA TRADE WILL BENEFIT MOST OF THE SME’S WHO CURRENTLY ARE INCURRING HUGE COSTS IN THEIR TRANSACTIONS AND HELP DEVELOP THE ECOLOGICAL BANKING SYSTEM.

MR SUN ADDED THAT CURRENTLY ZAMBIA IS EXPORTING MORE TO CHINA AND THIS WILL HELP INCREASE THE EXPORTS