Stanbic Bank to empower local contractors with Caterpillar equipment

Local contractors across all sectors of the economy are now expected to be better positioned to compete more-favourably with their foreign counterparts.

This is mainly in terms of equipment supply through a special arrangement between Stanbic Bank and Mantrac Ghana, the sole authorized local dealer in Caterpillar equipment.

This is possible through a partnership between the bank's parent company, Standard Bank Group and Caterpillar Financial Services in 6 African countries including Ghana.

Speaking to JOY BUSINESS after the launch the Managing Director of Stanbic Bank, Alhassan Andani described the move as timely for the country's development agenda.

“Infrastructure is the key to economic development. So we've heard of the Eastern corridor, Oil and Gas infrastructure, dams for irrigation and Ports and Habours expansion. These are massive infrastructure projects and we all know that its always the foreign contractors who are able to use their bigger financial muscle outside to land the equipment and pre-qualify for the jobs” he noted.

“But with this kind of collaboration we would be able to help local construction companies to locally through Caterpillar's dealership be able to get the right equipment to support their tendering processes. So for us this a game-changer” he explained.

Meanwhile, JOY BUSINESS has learnt the total financing requests for Caterpillar equipment supplies so far received by the bank amounts about 60 million dollars.

JOY BUSINESS has also learnt Caterpillar equipment is constitute over 60 percent of the 175 million dollar worth of earth-moving equipment imported into the country every year.

Story by Ghana / Joy Business / Emmanuel Agyei