STANDARD Chartered Bank has committed US$5 billion to support the power sector in Africa, making it the largest private sector contributor in President Obama's Power Africa campaign.
Last year, President Obama launched the Power Africa initiatives, where Standard Chartered Bank initially committed $2 billion.
Standard Chartered Zambia chief executive officer Andrew Okai said raising the financing commitment from $2 billion to $5 billion under Power Africa was one of the most significant commitments the bank has made in Africa this decade.
"Africa has recorded positive economic growth over the past decade and the continent needs sufficient electricity supply to support this growth," Mr Okai said.
In a statement issued in Lusaka yesterday, Mr Okai said this demonstrates that Standard Chartered Bank remains a strategic business partner for the continent.