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Standard Bank pledges support to energy sector

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Standard Bank has committed to offer its support towards boosting Malawi’s energy sector, specifically building capacity to revitalise electricity generation in the country.

The bank says it is ready to support any investment deals which seek to transform the energy sector through provision of financing as well as arranging and backing deals targeting to improve electricity supply in Malawi.

The bank recently held a Power Symposium at the Bingu International Conference Centre in Lilongwe where officials from the bank discussed Standard Bank’s financial capabilities in supporting the power sector in Malawi and its role in helping to unleash Malawi’s economic potential.

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The symposium, which was held under the theme, Accelerating Growth in Energy to Power a Sustainable Future, brought together a cross-section of stakeholders in the power sector and saw Standard Bank discussing its experiences in project financing and deal structuring of the continent’s power sector.

Briefing the media at the end of the symposium, Standard Bank Head of Investment Banking Shakil Satar said the bank already provides financial banking to other countries on the African continent with an aim of transforming the continent’s energy sector.

“The sector remains a key focus for the bank and we are committed to support the development of power sector in Malawi. The need for a reliable electricity grid and supply is paramount for the growth of our country. The power sector provides one of the most important inputs for the development of a country and availability of reliable and inexpensive power is critical for its sustainable economic development,” he said.

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He said for Malawi to achieve sustainable economic growth, the power sector needs to grow at the same rate as the country’s economy.

“Forums such as the Power Symposium should give stakeholders an opportunity to start looking into alternative to regular electricity power away from fossilised power such as solar. “Our approaches in power need also to respond to the challenge that emanate from the environment. Being environmentally-conscious and Climate Smart will determine the rate of success and sustainability of all our interventions going forward,” he said.

Key power stakeholders who attended the symposium included government officials, representatives from the Millennium Challenge Account, Electricity Supply Corporation of Malawi and various investors.

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