Raising the China-Africa Partnership to new heights!
Over the past four years, the partnership between the Industrial and Commercial Bank of China (ICBC) and Standard Bank has resulted in the joint financing of economic projects in the telecommunication, agriculture and tourism sectors, amounting to four billion US dollars, in African countries, including Mozambique.
This information was announced by Standard Bank's managing director Chuma Nwokocha, during a workshop, which was held on Friday, 31 May, in Maputo, by the financial services provider under the theme “Raising the China-Africa Partnership to new heights”.
The workshop, which had the participation of Chinese and Mozambican businessmen, is part of the visit from the ICBC delegation led by Dr. Hu Hao, vice president of the Chinese bank, to establish contacts with Standard Bank, Chinese entrepreneurs and leaders of 20 national companies (EDM), the Hidroeléctrica de Cahora Bassa (HCB) and Empresa Nacional de Hidrocarbonetos (ENH).
ICBC and Standard Bank, as indicated by Chuma Nwokocha have representations in more than 40 countries worldwide, including the African continent: “There are few banks in the world with these products and services and territorial coverage. ICBC has more than 16,000 branches, and in Africa this bank carries out its transactions through Standard Bank”, he said.
The Industrial and Commercial Bank of China (ICBC) holds 20 percent of the Standard Bank Group, a partnership that makes Chinese investment in Mozambique more comfortable and easier, given the experience of both institutions.
For Chuma Nwokocha, the partnership with ICBC will further leverage Standard Bank's contribution to the development of Mozambique, where it has been financing many development projects. In the oil and gas sector, the two banks invested approximately US$ 8 billion in the construction of the Floating Liquefied Natural Gas Platform (FLNG) in Palma, in the province of Cabo Delgado.
“We know that China is one of the largest funders of projects in Mozambique and, thus, Standard Bank is better positioned through its capacity, expertise and deep market knowledge to bring ICBC's potential to Mozambique”, said managing director, noting that many Chinese entrepreneurs in Mozambique have a relationship with ICBC, and Standard Bank represents the continuation of this relationship.
According to the senior executive and vice president of ICBC, Dr. Hu Hao, “in recent years, both countries have deepened relations in various areas and numerous sectors. In 2018, China became the main investor in Mozambique with a cumulative investment of more than US$ 7 billion in infrastructure, agriculture, telecommunications, mining and other sectors. The number of Chinese companies interested in investing in Mozambique has increased significantly”.
For the senior executive and vice president of ICBC, this investment requires quality financial services, with ICBC offering a wide range of financial products and services to more than 7 million corporate customers and 600 million private customers.
In turn, the ambassador of the People's Republic of China in Mozambique, Su Jian, said on occasion that “in the Chamber of Commerce there are more than 50 registered Chinese companies, and many other Small and Medium Enterprises are developing cooperation in several domains”, he said.
The diplomat said he was pleased to note that Standard Bank is providing solid guarantees and qualified services to Chinese companies in the development of their investments and business.