Standard and ICBC identify $10bn worth of projects in Africa
The partnership spots investment opportunities in oil and gas, power, infrastructure and mining
Standard Bank and the Industrial and Commercial Bank of China (ICBC), the world’s biggest bank by assets, have identified $9.8bn worth of investment opportunities in Africa in oil and gas, power and infrastructure, and mining and metals. Speaking on the sidelines of a briefing on Monday about future relations between the two banking groups, Kenny Fihla, the CE of Standard Bank’s corporate and investment bank, was tight-lipped about which projects had been identified, saying funding had not yet been committed. The $9.8bn was in addition to an $8bn commitment by Standard Bank and ICBC to Mozambique’s liquefied natural gas development, Fihla said. The IMF estimates that Mozambique could become the third-largest liquefied natural gas exporter in the world. The African Development Bank estimates that Africa’s infrastructure needs amount to between $130bn and $170bn a year, with a financing gap of between $68bn and $108bn. Financing support Over the past decade, Standard Bank and ICBC ha...
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