Stanchart contributes $953m to economy

Standard Chartered Bank
STANDARD Chartered Bank contributed about US$953 million to the development of the Zambian economy in 2012, which is equivalent to 4.6 per cent of the country’s  Gross Domestic Product (GDP).
The significant contribution came through the creation of employment, strengthening trading ties and broadening access to the country’s financial services.
Standard Chatered said in a statement released in Lusaka yesterday that, the creation of 147,000 jobs in Zambia was related to the bank’s activities  which represents 2.7 per cent of the country’s labour force.
According to the latest independent study on the social and economic impact of the bank’s operations in Africa, the bank also cited its contribution in terms of value addition to the Zambian economy and across the sub-Saharan region..
The bank directly and indirectly supported some 1.9 million jobs in Sub-Saharan Africa including Zambia which was equivalent to around 0.6 per cent of the region’s total workforce.
During the period under review, the bank contributed a total of US$10.7 billion to Sub-Saharan Africa’s economy, equivalent to 1.2 per cent of the region’s GDP.
It was also  revealed that the bank was able to support Sub-Saharan trade worth US$7.2 billion, equivalent to 1.2 per cent of the region’s total international trade.
“We support $1.8 billion of tax payments to governments in Sub-Saharan Africa, equivalent to 1.1 per cent of total receipts of governments in the region.” adds the study.
The study was conducted by  Ethan Kapstein and Steward Redqueen visiting Fellows at the Centre for Global Development in Washington DC as well as, founding partner Rene Kim.