Standard Bank leverages Chinese investment in Mozambique

The partnership between the two banks aims to leverage Chinese investment in Mozambique by financing or offering innovative banking services that make operations easier.

As Standard Bank's board member António Macamo explained with this partnership, "Chinese operators who need financial support in Mozambique are now more easily accommodated. This union provides more convenience and simplifies operations. "

One of the advantages offered by Standard Bank is the availability of a wide range of specialists in various fields, such as oil and gas, agriculture, infrastructure and others that can support Chinese investors.

On his turn, ICBC representative Lubin Wang said that the implementation of Chinese entrepreneurs' initiatives in Mozambique will be faster, which will increase levels of economic cooperation between the two countries.

"ICBC is China's largest commercial bank and the Standard Bank Group is the largest in Africa, and this partnership will make investment in Mozambique more convenient and easier, given the experience of both institutions," said Lubin Wang.

Chinese Ambassador in Mozambique Jian Su said that the partnership between Standard Bank and ICBC is important for economic cooperation between the two countries, whose governments are developing a sector-oriented initiative.

"The initiative consists in the transfer of our technology to promote the industrialization of Mozambique, and for this, prepared banks are needed to provide financial support, hence the importance of this partnership, which provides a financing opportunity for Chinese entrepreneurs," Said the ambassador.

The overall value of Chinese investment in Mozambique is around US $ 6.7 billion, with trade between the two countries increasing by 4% in the first quarter of 2017, similar to exports to China, which increased by 15.1% .