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(TIMES) Stanchart to support local econonic zones

Stanchart to support local econonic zones
By Business Reporter

STANDARD Chartered Bank will monitor performance of the Multi Facility Economic Zones (MFEZ) once implemented to enable it assist in the provision of necessary financial support, visiting managing director and Africa regional head of global markets, Fred Lee has said.

Mr Lee said the Bank would monitor how the economic zones would evolve after implenentation and see how the institution could provide financial assistance.

“We are committed to supporting the Zambian Government’s efforts of diversifying the economy and so far, the move to establish multi-facility economic zones is in the right direction towards economic diversification,” he said.

He said economic diversification from mining to other sectors such as agriculture was a sure way to supporting growth in the economy.

Mr Lee who was briefing the media in Lusaka yesterday said the economic zones would provide opportunities in telecommunications and mobile phone industry and on the development of infrastructure.

Multi-facility economic zones would stimulate growth in the manufacturing sector and support diversification efforts.

Mr Lee said the MFEZs was a good initiative by the Government and that it would facilitate diversification efforts given the current economic challenges which most countries were faced with.

Mr Lee said the bank was currently providing specific financing to support the development of the business sector.

The bank has a specialised team on agricultural financing at its regional office in Johannesburg.

Mr Lee said the bank was supporting clients with appropriate financial products in the wake of economic difficulties.

He also commended the Government for limiting offshore lending in Kwacha which was announced by Bank of Zambia recently.

Mr Lee said the move was balanced in that it removes speculation in the financial market.

He however, expressed hope that limiting offshore lending in Kwacha was a temporal measure because the country was in a free market environment.

He further said that, Standard Chartered Bank did not expect significant improvement in copper prices until next year expecting that the price would stabilise soon.

Mr Lee also commended Zambia and other African governments for taking up measures to address economic crisis.

Labels: FRED LEE, MFEZ, STANCHART

posted by MrK @ 1:37 PM