Standard Chartered has reinforced its commitment to accelerating Africa’s economic resilience and long-term development through trade finance, sustainability finance and infrastructure investments, following the recently concluded Africa Summit held in Lagos.
Buttressing its commitment to the continent, the Africa Summit in Nigeria, served as a platform to discuss Africa’s resilience and growth opportunities in a global system. It brought together thought leaders within the public and private sector including Dr Jumoke Oduwole, Minister of Industry, Trade and Investments; outgoing President of the African Development Bank Group, Dr Akinwumi Adesina; Aliko Dangote Founder and President/Chief Executive of the Dangote Group; Hakeem Belo-Osagie, Senior Lecturer Harvard Business School /Chairman, FSDH Group and Raj Gupta – Chairman of the African Industries Group (AIG) in Nigeria, among others.
|
|
To support Africa’s resilience, Standard Chartered is expanding its sustainable, trade and infrastructure finance. The Bank financed $US 4billion worth of infrastructure projects in Africa last year, including arranging a $US455 million blended finance facility [backed by the African Development Bank] for Côte d’Ivoire; a $US1.47 billion solar-powered electricity distribution in Angola and $US1.46bn term loan for Tanzania’s Standard Gauge Railway.
Further, Standard Chartered has signed $US70 million and $US100 million trade finance deals with International Finance Corporation [IFC] and British International Investment [BII], respectively, to empower local enterprises across Africa to trade, bolstering the continent’s financial resilience.
|
|
|---|
Dalu Ajene, CEO of Standard Chartered Nigeria Limited and host of the summit in his opening remarks, said, ‘Africa’s potential is not a question of ‘if,’but of ‘how fast.’ And Nigeria, with its dynamic entrepreneurs, world-class institutions, resilient private sector, and youthful energy, continues to be a key driver of this momentum. At Standard Chartered, we are proud of our long-standing presence across Africa and are resolute on our commitment to driving commerce and prosperity through our unique global network.”
In his keynote address titled, Tilting Global Capital for Unlocking Investment Opportunities In Africa; outgoing President of the African Development Bank Group, Dr Akinwumi A Adesina said, “It is clear that Africa is a profitable investment destination with vast opportunities for investors.
The continent has demonstrated incredible resilience, and its future will be powered even more with financial innovations and strategic partnerships to tilt more global capital to the continent. Africa must attract global capital at scale.
This is urgent given the rapid scaling back of traditional aid flows and lower concession financing flows and the direct and indirect effects of the US tariffs on export revenues and foreign exchange reserves.
To achieve faster and more stable economic growth, Africa must move away from aid to investment to unlock its vast assets. And Africa has all it takes to achieve this bold ambition.”
Kariuki Ngari, Managing Director & CEO of Standard Chartered Bank Kenya and Africa also added: “Africa’s economic potential is undeniable—and its growing resilience is evident in the structural reforms we’re seeing across the continent. With bold reforms underway in several countries, this is a critical moment to invest in the continent’s future— and we are ready to play our part. Our focus is to be a long-term partner in building sustainable and inclusive economies across Africa.”
The Africa Summit is a proprietary thought leadership and networking event hosted by Standard Chartered Corporate & Investment Banking (CIB). It is a flagship Africa CIB thought leadership event that brought together over 350 stakeholders to discuss topical subjects and their relevance towards achieving sustainable impact on the African continent.
