Standard Chartered Bank to pledges to fund Power Africa Initiative

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Standard Chartered Bank to pledges to fund Power Africa Initiative

Lusaka, July 4, ZANIS —– Standard Chartered has committed financing of more than US$2 billion (about K10 billion) in energy projects under the Power Africa Initiative.

The initiative is a five-year partnership between the United States, six African governments and the private sector, representing a coordinated cross-border effort to build the regulatory, economic and policy foundation in order to double access to power in Sub-Saharan Africa.

In a statement to ZANIS by Standard Chartered Bank Zambia Head of Corporate Affairs Christine Matambo, the bank has committed US$2 billion of new financing which is more than 20 per cent of the initial private sector contribution to Power Africa.

Ms Matambo says this is alongside the US government’s provision of US$7 billion (about K35 billion) of financial support.

Ms Matambo disclosed that Ghana, Tanzania, Kenya, Nigeria, Ethiopia and Liberia and a group of private-sector firms are taking part in the initiative to improve access to clean reliable power in Africa.

“Power Africa will add more than 10,000 megawatts of cleaner, more efficient electricity generation capacity – equivalent to 250 per cent of Nigeria’s current power generation – increasing access to electricity by more than 20 million new households and businesses” she

She affirmed that Standard Chartered will use its geographic coverage across 37 African countries and leading project and export finance expertise to work closely with U.S. agencies, including the Export-Import Bank, the Agency for International Development (USAID) and the Overseas Private Investment Corporation (OPIC).

Ms Matambo added that this would be done to develop the policy framework for specific projects and the introduction of best practice for infrastructure development in Africa.

And according to a White House statement, more than two-thirds of the Sub-Saharan Africa population is without electricity and more than 85 per cent of those living in rural areas lack

“These countries have set ambitious goals in electric power generation and are making the utility and energy sector reforms to pave the way for investment and growth,” the White House said.

Meanwhile, speaking from Dar es Salaam, Tanzania during President Barack Obama’s visit, Standard Chartered Group Chief Executive, Peter Sands said the group was delighted to partner with the United States and the African governments involved in the Power Africa Initiative to address one of Africa’s most critical infrastructure challenges.

He said throughout its 150 years of history in Africa, Standard Chartered has always strived to contribute to social and economic development, financing trade and investment across the continent.

Standard Chartered Bank is a leading international banking group that has operated for over 150 years in some of the world’s most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East.

In Africa the bank operates in Angola, Botswana, Cameroon, Cote d’Ivoire, Ghana, Kenya, Mauritius, Nigeria, Sierra Leone, South Africa, Tanzania, The Gambia, Uganda, Zambia, and Zimbabwe with 1,700 offices in 68 markets and a staff of more than 89,000.