StanChart affirms strong commitment to financing sustainable projects by government and businesses
British multinational banking and financial services company, Standard Chartered Bank, has affirmed its strong commitment to the financing of sustainable development projects by government, large companies and small and medium-sized enterprises (SMEs) in the country.
The bank’s commitment to financing sustainable development projects in Ghana is in response to the country’s huge demand for sustainable infrastructure development.
In a media brief with norvanreports, Regional Head of Client Coverage for Corporate Commercial Institutional Banking for Africa and Middle East, Sarmad Lone, noted Standard Chartered has raised in excess of $18.6 billion to support financing of sustainable development projects across the globe with some $2.4 billion facility going to support mainly infrastructure projects.
“The African and Middle East regions are resource-stretched and have a high demand for infrastructure development, particularly sustainable development projects and we as a global bank are committed to sustainable financing. Prior to 2020 we had been part of initiatives in various capacities whether advisory, financing, or support capacity where we have raised some $2.4 billion facility into infrastructure projects and close to $18.6 billion in the broader category of sustainable financing,” Mr Lone stated.
The amount raised, Mr Lone further stated will be used in financing various projects such as rail roads, hospitals, good drinking water, infrastructure among others in the country.
“Sustainable financing is a core business for us and it includes all sorts of projects like good drinking water, infrastructure, rail roads, hospitals among others in Ghana and across the African and Middle East regions. And we will continue to increase financing as we progress together with our stakeholders, clients, regulators and governments,” he told norvanreports.
Also speaking to norvanreports on the bank’s sustainable financing agenda, Head of Client Coverage Corporate Commercial Institutional Banking for Ghana, Xorse Godzi, noted Standard Chartered Bank has since last year been working closely with the Sustainable Development Goals (SDGs) Unit at the Office of the Presidency on financing government’s sustainable projects, citing the Bank’s support to government on raising 280 million euros for the financing of the Eastern Corridor road in June this year as an instance.
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“The bank works closely with the SDG unit of the Presidency and there are a number of loans we have extended to help the country achieve sustainable development financing and goals as well.
“So the 280 million euros financing of the Eastern Corridor road is an instance and it’s a key part of our efforts in providing financing for key sustainable projects in the country. And it’s not only that, but also refurbished and built new hospitals last year and we will continue to do so,” Mr Godzi remarked.
On financing SMEs, the bank asserts it is ready to quickly launch on and finance SMEs in sectors it finds specific sustainable financing opportunities.
“Where there are specific financing opportunities around sustainable development we are able to structure them, so last year for instance was the pharmaceutical industry and hospitals. So everywhere we see these opportunities we are quickly launching on them,” remarked Mr Godzi.
Further stating that thought leadership for SMEs by the Bank will also be pivotal in helping SMEs transition to undertaking sustainable projects to access sustainable financing from the bank.
