Standard Bank to raise R10 billion for power generation
Over the next five years, Standard Bank will assist its strategic partner, the Industrial and Commercial Bank of China (ICBC) to raise R10 billion to support the development of South Africa’s power generation infrastructure, said Standard Bank Group Chief Executive Sim Tshabalala at the beginning of December. Standard Bank, acting as arranging and structuring adviser, will assist ICBC in raising up to R10 billion from the financial markets over the five-year period. Mr Tshabalala announced that the ICBC-Standard Bank partnership will jointly support up to 100 new infrastructure and industrial projects across Africa, ranging from resources and transportation, to electricity and telecommunications, to manufacturing and industrial parks. Standard Bank and ICBC have worked together on a wide range of initiatives, all with a strong focus on supporting infrastructure investment and industrial development in Africa, and on growing trade and investment flows between China and Africa.
“Strategic cooperation between ICBC and Standard Bank has enabled us to arrange more than $7 billion in loans to African countries and to complete over $14 billion of transactions that have brought equity and debt capital from Chinese corporations and financial institutions to Africa,” said Mr Tshabalala.