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Sino-Africa trade boosted

By Vision Reporter

Added 23rd February 2010 03:00 AM

STANDARD Chartered Bank is to facilitate the flourishing trade between Africa and China, Lamin Manjang, the chief executive officer, has said.

STANDARD Chartered Bank is to facilitate the flourishing trade between Africa and China, Lamin Manjang, the chief executive officer, has said.

By Sylvia Juuko

STANDARD Chartered Bank is to facilitate the flourishing trade between Africa and China, Lamin Manjang, the chief executive officer, has said.

“China is becoming an important trading partner with Africa, including Uganda. We will strengthen our partnership with China to facilitate this trade,” he said during a dinner held for the bank’s Chinese customers to celebrate their new year.

He said trade between Africa and China slowed to $80b last year, from $100b the previous year due to the global downturn.

According to Manjang, the bank’s outlook points to long-term growth prospects of Chinese trade and investment in Africa this year.
“Standard Chartered has deep
roots with Africa and China.

“We are going to leverage that knowledge, network and experience to provide services to our Chinese clients,” he added.

In January, Standard Chartered Plc. announced an alliance with a Chinese domestic credit card organisation, China Unionpay, in which the bank’s automatic teller machines will be availed to the Chinese companies’ customers.

The bank’s global network provides ATM services to China Unionpay card holders in 20 countries worldwide.

In Africa, the service is in Uganda, Kenya, Zambia, Gambia and Botswana. It will be rolled out in other African markets later in 2010.

Manjang said in an earlier statement the deal was an indicator of the importance the bank attached to the growing Africa-China trade corridor.

“The bank has deep, local knowledge of Uganda and China.

“We will continue to provide the necessary financial tools to Chinese companies doing business in Uganda to foster sustainable economic development in both countries,” he added.

He pointed out that the bank’s alliance with China Unionpay was an important part of this strategy.

Sino-Africa trade boosted

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