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28.11.2007 Business & Finance

Stanbic Bank Wins Award

By Daily Guide
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Standard Bank, undoubtedly the biggest bank in Africa, has emerged winner of the African Infrastructure Deal of the Year Award.

The award was conferred on the bank at the Africa Investor Projects Summit held recently in Lagos, Nigeria.

According to the organizers, Standard Bank, which also trades as Stanbic Bank, won the coveted prize for its leading role in underwriting the Gautrain Project in South Africa.

The Gautrain Project is an 80km rail system, running both underground and over ground for a train designed to travel at a maximum speed of 160km per hour.

It is the largest infrastructure Public Private Partnership (PPP) ever financed in Africa and also the largest greenfield-rail-project under construction internationally.

The $500 million private sector funding incorporated in the project includes a well-structured debt funding package which was arranged by Standard Bank.

It is expected to generate 93,000 jobs during the 5-year construction period.

Jonathan Wood, Director of Investment Banking, Standard Bank, said at the event that the award had further challenged Standard Bank to do more in terms of financing infrastructure development across Africa, adding that it has remained at the forefront of efforts to develop African infrastructure.

He therefore called for increased public/private partnerships as one sure way to tackle poverty and underdevelopment in Africa.

He noted that such synergies have worked in other parts of the world and then recommended policy stability as an incentive to encourage potential investors to stake their money towards infrastructural development across the continent.

Standard Bank shares the African Infrastructure Deal of the Year Award with Rand Merchant Bank of South Africa.

From The Business Desk

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