The Voice (Francistown)
25 March 2008
Francistown — Stanbic Bank Botswana's executive director of Corporate and Investment Banking, Tasha Ferreira announced this week that bank has been selected as the preferred financial partner for funding of the initial expansion of the Morupule Colliery.
In a press release, Ferreira said that the Colliery project, which is worth over P100 million, is one of the biggest financing transactions in the history of Stanbic Bank Botswana.
"Stanbic Bank Botswana was selected as the preferred partner from submissions made by all major banks operating in Botswana. This major achievement comes at a time when Stanbic has recently been awarded the advisory mandate on the next Government bond," he said, adding that "We worked tirelessly for two years now to position Stanbic's corporate investment banking as the intellectual capital of banking in Botswana. Securing this deal is proof of our efforts in this regard."
Stanbic Bank Botswana's Managing Director, Dennis Kennedy commented: "This is an overwhelming vote of confidence for our people, products and services and a clear demonstration of our commitment to support Botswana's future growth."
Kennedy said that the expansion of the Morupule Power Station is a major step forward to meeting the increasing demand for power supply in Botswana, at a time when Eskom, the South African electricity company is facing challenges in ensuring continuity of power supply to Botswana.
Botswana Power Corporation (BPC) and Eskom will partner in the Mmamabula Coal-fired Power Station project that aims to produce 4800 mega watts of electricity when it becomes operational in 2012 to avoid shortage in capacity in Southern Africa.
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