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Standard Bank and the Industrial and Commercial Bank of China (ICBC), the world's largest bank by badet, have identified $ 9.8 billion in investment opportunities in Africa in sectors of the economy. oil and gas, energy and infrastructure. ] On the sidelines of a Monday briefing on future relations between the two banking groups, Kenny Fihla, the Standard Bank 's investment and finance bank, was briefed on the identified projects, indicating that the funding was not available. Had not been engaged yet.
The $ 9.8 billion was in addition to a $ 8 billion commitment from Standard Bank and ICBC for the development of liquefied natural gas in Mozambique, Fihla said. The IMF estimates that Mozambique could become the world's third largest exporter of liquefied natural gas.
The African Development Bank estimates Africa's infrastructure needs to be between $ 130 and $ 170 billion a year, with a funding gap of $ 68 billion. Over the past decade, Standard Bank and ICBC have provided $ 8.5 billion in financial support to 35 projects in Africa involving Chinese companies
. 4.5 billion dollars of badets and operations in 45 countries, bought a 20% stake in Standard Bank for $ 5.5 billion in 2008. The agreement remains the biggest investment in Africa by a Chinese company
Sim Tshabalala, CEO of Standard Bank and ICBC Yi Huiman reaffirmed his commitment to the partnership at a press briefing Monday before the Brics summit – a meeting between Brazil, the Russia, India, China and SA, a grouping of countries expected to represent the interests of
The summit begins in Johannesburg on Wednesday and aims to strengthen economic and political cooperation between countries.
Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan Will Attend
For Standard Bank, Africa's Largest Bank by Asset, the partnership with ICBC "will continue to deepen and accelerate trade, investment and growth between Africa and China," said Tshabalala. Few companies in the world can serve African companies in the field and have access to a major center of capital, trade and investment, China. "
An Africa-China Joint Banking Center in Johannesburg Chinese companies in Africa, as well as African entrepreneurs," he said.
The Brics Summit provided companies with opportunities to have "Important conversations" with the Chinese. "China has modernized its manufacturing processes, said Fihla. SA needed to position itself to attract manufacturing skills.
The fastest growing African countries, such as Kenya, Tanzania, and Ethiopia, were the ones that had improved the ease of doing business, says Tshabalala. .co.za
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