President Lungu meets Stanchart Group CEO

President Edgar Chagwa Lungu

President Edgar Chagwa Lungu

President Edgar Lungu has met Standard Chartered Bank Group Chief Executive Officer Bill Winters and discussed the bank’s plans to increase their participation in the Zambian economy across various sectors.

Mr. Winters has assured President Lungu that on the occasion of the Standard Chartered’s 100 years of operations in Zambia, it was right and proper that the bank pledges to do more to create greater partnerships with the government and the private sector in Zambia.

During the same meeting Standard Chartered Zambia Chief Executive Herman Kasekende announced that the bank will build its new head office at a new location near Addis Ababa round about.

Others who accompanied the Group CEO are Standard Chartered Zambia chairman Michael Mundashi, Standard Chartered Regional CEO for Africa and Middle East Mr. Sunil Kaushal and Mr. J. Kweku Bedu-Addo, the CEO for Southern Africa.

President Lungu has hailed the cordial relations that exist between Standard Chartered Bank and the Zambian Government and that the visit by the institution’s Chief Executive Officer is testimony of this cordial relationship.

The President has acknowledged the Bank as a strategic partner with a global reach hence Government is confident that the institution will continue as the country’s goodwill Ambassador in promoting Foreign Direct Investments (FDsI) into Zambia through its diversified clientele base.

The Head of State has also assured the bank that the country’s economic outlook in the medium to long term remains as positive and notes the recent upgrading of Zambia Credit Rating from negative to stable by Standard and Poor.

President Lungu also assured that negotiations with the International Monetary Fund are on a positive trajectory.

Meanwhile, the President has said, Government is concerned with failure by Commercial Banks to significantly reduce interest rates despite the Central Bank having lowered monetary policy lending rates to trigger the Banks to support Government initiatives.

The President was accompanied by Finance Minister Felix Mutati, Deputy Secretary to Cabinet Christopher Mvunga and Special Assistant to the President for Press and Public Relations Amos Chanda.

This is contained in a statement issued to QTV News by Mr. Chanda.

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