Standard Chartered Bank has announced that it is set to provide financing to Chinese firms that uphold green ethos to expand their footprint in Africa.
According to the Lender’s Head of Wealth and Retail Banking, Richard Li, Africa has a growing demand for sustainable consumption and production technologies to achieve a climate-resilient future for local communities.
“I can see opportunities and capabilities we can bring in as Standard Chartered Bank to support our clients to respond to this trend between China and Kenya that will accelerate the green transition in Africa,” Li said.
On his part, the Kenya Project Manager of Beijing Sifang Automation Company, Yan Xiangning (L), the company communicates with an employee at the Advanced Distribution Management System Laboratory under the Institute of Energy Studies and Research affiliated with Kenya Power in Nairobi.
He also said that the Standard Chartered Bank will assist Chinese companies in leveraging their involvement in the Africa-China trade corridor to boost the continent’s capacity to produce green products to meet the growing market demand.
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“We will also respond to the new trend where goods that were previously made in China are now made in Kenya.”
Economic experts have noted that Kenya needs to accelerate its green transformation efforts to respond to the effects of climate change, such as the recent raging floods that have killed more than 260 people in the country.
Li said Standard Chartered Bank already provides sustainable finance in the supply chain in the green space along the Africa-China trade corridor.
He said Kenya is already a leader in green energy, with more than 80 percent of electricity production coming from renewable sources such as hydropower, geothermal, wind, and solar.
Further, he added that Standard Chartered Bank has developed many financial products to ensure Africa can benefit from China’s rapidly growing new energy industry.
