The Standard Bank said on Thursday that it will provide capital and foreign exchange services to Chinese investors keen on establishing operations in Africa.
Patrick Mweheire, regional chief executive for East Africa at the Standard Bank Group, told Xinhua in the Kenyan capital of Nairobi that it has developed relationships with Chinese firms that have an African strategy.
“We provide access for Chinese investors to the 20 African countries we have a presence in,” Mweheire said on the sidelines of an investor briefing.
The Industrial and Commercial Bank of China is the Standard Bank Group’s single largest shareholder.
Mweheire said numerous privately-owned Chinese firms have already set up operations in Africa. “These firms have brought expertise into the continent in various sectors, including agro-processing, health, and construction sectors.”
He added that Chinese investors have engaged in local manufacturing, which has played a role in reducing Africa’s import bill. Enditem
