NewsWest AfricaStandard Bank supports Africa commodity and trade deals with $900m


Posted on Monday, 25 June 2012 18:26

Standard Bank supports Africa commodity and trade deals with $900m

By Lawrence Quartey

Standard Bank Group is to provide US$900 million to finance a number of African trade and commodities transactions in key targeted sectors this year, the Bank's global head of Trade and Commodity Finance, Craig Polkinghorne announced in Accra.

Standard Bank hopes to increase its involvement in the oil and gas sector in East Africa

Targeted sectors include power, telecommunications, agribusiness, metals and mining, and oil and gas.

Polkinghorne, who spoke ahead of the 4th Annual West Africa Trade & Commodity Finance Conference in Accra, said commodities continued to dominate African trade and that the group's involvement was aimed at deepening trade in Africa and other emerging markets.

Africa's trade continues to grow strongly across a broad front of geographies and commodity sectors, Polkinghone noted and pledged Standard Bank's continues support to commodity trade flows in Africa.

The bank provides such support through its financial backing of commodity producers, exporters and importers, manufacturers and trading companies.

"We expect to continue to playing a key role in trade finance," said Polkinghorne.

Specifically, the Bank hopes to increase its involvement in the oil and gas sector, especially in East Africa where there has been increased exploration and investment activity by international oil companies.

Despite iinfrastructural development challenges for the oil and gas industry in Africa, demand in Asia and other regions has increased the need for gas production particularly in East Africa.

The annual Exporta West Africa Trade & Commodity Finance Conference brings together industry decision-makers and experts involved in trade and export finance, local and international banks, multilateral institutions, export credit agencies, lawyers and commodity traders.

The conference which begins on Tuesday June 26th, will discuss topics such as: Is West Africa still the global deal hotspot for traders?; Trade in West Africa: Hoping for the best and preparing for the worst; Analysing the impact of government risk on African financial institutions; and Developing the full cycle of cocoa production in West Africa.

Last Updated on Wednesday, 27 June 2012 10:04

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