Bank targets more Chinese customers to invest in Africa
What you need to know:
The bank is determined to provide the investors with what funding for their businesses in Tanzania and beyond to expand, according to SBT corporate and investment head Thomas Bisonga.
Dar es Salaam. Stanbic Bank Tanzania (SBT) is fostering its relations with Chinese investors as the Asian country’s business interests in Africa grow.
The bank is determined to provide the investors with what funding for their businesses in Tanzania and beyond to expand, according to SBT corporate and investment head Thomas Bisonga.
“We established the China Dedicated Desk and equipped it with Mandarin-speaking staff to assist in the facilitation of international trade, infrastructure projects and investments between Tanzania and China,” he told participants during the Chinese Economic Forum in Dar es Salaam on Tuesday.
SBT is a subsidiary of Standard Bank Group.
Experts from Standard Bank Group and its strategic partners in China, the Industrial and Commercial Bank of China Limited (ICBC) and the China Export & Credit Insurance Corporation – which is commonly known as SinoSure – addressed the forum.
According to Mr Bisonga, SBT offers Chinese and other businesses in Tanzania services that range from bid bonds, guarantees, foreign exchange and debt.
Standard Bank Group operates in 20 African countries.
He said since inception of the desk a few years ago, hundreds of companies from China and Tanzania have enlisted with the bank.
In his remarks, the Stanbic Bank’s economist for East Africa, Jibran Qureishi, 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.”
Qureshi underscored the urgent need to continue investing in infrastructure development especially the utilities sector that includes power, water and sanitation systems.
