Stanbic says mining remains crucial to Zambian economy

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Stanbic Zambia says mining remains a significant sector of the southern African country’s economy as it generates the largest amount of revenue for the government through taxes.

“As the second largest copper producer in Africa, we are poised to further develop the mining sector,”  Stanbic Bank Zambia’s head of corporate and investment banking Helen Lubamba said in a statement issued at this week’s international ‘mining indaba’ in Cape Town.

She said the bank had invested more than US$3 billion in mining in Zambia over the past decade, reflecting its conviction that the sector was key to economic growth.

The mining industry is the largest employer in Zambia after the government.

“Even as we move to be a more diversified economy, mining plays a big role in this development of diversification,” Lubamba said.

Agriculture and agri-business has been one of the main focuses for the bank, which has invested over $155 million invested in the sector.

It has has also injected more than $150 million and $385 million into infrastructure development and energy respectively.