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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