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The Standard Bank Group and the China Industrial and Commercial Bank Limited (ICBC) provided $ 8.5 billion in financial support to 35 projects in Africa, Standard Bank Group announced yesterday. Trans-regional conference in Lagos, the agreement, which involves Chinese companies, is the fruit of a five-year strategic alliance between the two lenders.
Standard Bank also called for a growing general trade among African countries and rebadured about its commitment to
The bank is stepping up its highly successful cross-regional business and trade conferences into a widely inclusive pan-African initiative aimed at boosting collective growth at across the continent.
Standard Bank hosted two previous conferences in 2016: in Accra, West Africa, and Nairobi, East Africa. These separate meetings brought together clients, business experts and customer relations managers from each of these regions.
"Our previous conferences have shown us the breadth of opportunities for intra-African trade growth, especially the cross-border potential." Zweli Manyathi said, "In addition to providing a critical overview of how best to 39, helping clients take advantage of Africa's full cross-border potential, "said Zweli Manyathi, general manager of personal and commercial banking, and we also realized that increased business was pan-African, not just a regional opportunity, for the continent, "he added.
On average, regional trade accounts for about 50% of the trade flows of most regions. In Asia – the most dynamic region in the world – regional trade accounts for up to 70% of the trade flows of some countries.
Since intra-regional trade in Africa currently accounts for only 12% of trade flows, Standard Bank has identified the rapid promotion of continental trade as a key priority to achieve the kind of growth that will transform the lives of ordinary Africans . "If the continent can increase trade between African countries to the world average – this ranges from 12% to 50% – the continent will depend much less on global trade and investment for its own growth." This will also mean that for the first time Once in history, Africa will be able to establish and conduct its own investment and growth program – independently. "
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