LUSAKA, April 19 (Xinhua) -- Zambia's investment agency on Thursday signed a memorandum of understanding with a bank aimed at improving cooperation between the institutions in fostering investment and trade in the economy.
Under the agreement, the Stanbic Zambia will facilitate trade opportunities in Zambia within its regional and global business community and direct companies looking to invest in Zambia to the Zambia Development Agency (ZDA).
The agreement will further allow the investment agency to support companies within the bank's ecosystem in their investment projects and ease their doing business in Zambia.
"The memorandum of understanding we are signing is an illustration of our willingness to strengthen our cooperation in fostering development in Zambia," Leina Gabaraane, the bank's chief executive officer said during a signing ceremony.
He said the bank, a subsidiary of South Africa's Standard Bank Group which has also formed a strategic partnership with the Industrial and Commercial Bank of China (ICBC), has come up with a growth strategy which allows it to get direct link to government to facilitate its participation and support in national development.
According to him, the bank in partnership with ICBC has invested over 2.8 billion U.S. dollars in infrastructure development projects in Zambia, with more projects planned.
Perry Mapani, director-general of the investment agency said the agency's strengths have been complemented by the bank's desire to boost investment in the local economy.
He said the agreement will allow the two parties to join forces and promote Zambia's vast economic opportunities to the outside world and turn it into a key investment destination in Africa.
