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Banks must support the mining sector – Gabaraane

Stanbic Bank Zambia says mining is an expensive business that needs stable long-term support from the financial sector.

Speaking at the Mining Indaba recently Leina Gabaraane is Chief Executive of Stanbic Bank Zambia further said growing any business needs capital both for asset investment and day-to-day expenses. And the mining sector, by the nature of its size, needs that in much larger amounts than most.

“The finance sector thus plays a crucial role in ensuring that the mining sector has access to that much needed capital to take advantage of the upturn when it comes.”

He revealed that Stanbic Bank Zambia is committed to the mining sector, having invested and disbursed over US$3 billion over the past ten years.

“This is because we know that the mining sector is critical for the growth of the economy. Despite the global challenges the extractive industry has been facing, we are dedicated to supporting the sector because we believe that the industry remains an important foreign exchange earner for Zambia,” said Gabaraane.

Gabaraane wants to see a situation where the country continues to develop and more people are employed.

“As a bank, we pledge our commitment to helping where we can. We are looking at whether the mining sector is developing and growing. We are also looking at areas that we can further support for further growth.”

Meanwhile Gabaraane applauded that government has been proactive, dialoguing with the investors and advising them not to pull out or close mines which may leave Zambians jobless as a result.

“With the expected high production of minerals and prices rising, it is expected that the mines may even start to employ more workers.”

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