Harare – Zimbabwe’s Stanbic Bank, a unit of South Africa’s Standard Bank, said it provided 46% of the country’s mining sector capital requirements for the year 2016.
In a flier published in the local press, Stanbic said it provided a total $88.8m in working capital finance for the mining industry in 2016, compared to the $194m required by the entire sector.
The bank also said it also managed to secure $85m as long-term capital for the sector’s operations through various local mining giants.
“During the prevailing economic conditions, players in the mining industry have been facing challenges related to accessing funding and we managed to step in and provide support for local mining players,” the bank said.
Stanbic Zimbabwe and Stanbic Namibia also concluded a $120m debt package with the Zimbabwe Power Company for the rehabilitation of existing power infrastructure at Kariba South hydro power station and Hwange Thermal Power Station.
Stanbic has further supported various tobacco merchants with funding worth $245m in its efforts to move the agricultural sector forward.
Foreign banks in Zimbabwe have often been accused of sabotaging the country’s economy by not lending to locals.