Windhoek – Amit Mohan Standard Bank’s Head of Corporate and Investment Banking (CIB) in Namibia said that Africa would be shifting its economic gear from commodity base to a new and heightened level of manufacturing and industrial economy.
According to Mr. Mohan, Africa has over billion of population and a big percentage of it is the young populace who are into computer and technology. Thus, obtaining a manufacturing and industrialization based economy would not be hard.
Mohan points out saying: “We really believe that the labor force from a cost perspective is becoming increasingly competitive globally. We see that with multi-nationals opening up shop on the Continent and also big Chinese conglomerates opening textile and clothing factories in Africa.” Furthermore he said that investment will come into power, telecommunication, water, primary infrastructure and others that are essential to sustain economic growth. He also stated that with the coming of these big infrastructure investments, big financing opportunities will be flooding in Africa.
Mohan: “Because we see these partnership indications and joint agreements and incorporations that will eventually lead to the success of key infrastructural development on the Continent, in SADC, in the (African) region as well as in Namibia.”
Moreover, he said that Standard Bank is facilitating straightforward transactions and they are offering wide and various finance instruments for the clients and that they are also able to provide clients with trade solutions with their expertise and connections with other banks in the regions.
Furthermore he states that Standard Bank has one of the biggest trade finance book in Namibia. With that, they are able to facilitate infrastructure investment from contractors to the actual client, which could be terminal expansion, construction, oil storage facility and more.
Mohan stated that SB has just recently provided a loan facility to Zimbabwe Power Corporation of N$500 million for the 300 MW extension of the Kariba South Hydro Power. He said that the bank has connections with various banks and they have the largest bank across Africa when speaking of Assets.
He said, “The Zimbabwean power transaction speaks to our strength from a sector and regional perspective how we are able to facilitate and also conclude what is a regional milestone transaction in that sector.” He added that in this time, power is really an issue in the region as its facing power shortage.
On the other hand, he said that “Namibia is still seen as a key investment hub from global investors. Namibia is in a very fortunate position. We continue to maintain our investment growth grading.”