Stanbic bank commits to financing oil & gas sector in South Sudan
Stanbic Bank will continue to play leading role in financing the Mid-stream and Up-stream sectors of the Oil and Gas industry in South Sudan in order to realize the dream of making the country the engine of growth and development in the East African region.
Lorna Mwangi, the head of Corporate Banking at Stanbic Bank in South Sudan, said South Sudan has the potential to be the catalyst for regional development through it’s coveted vast mineral wealth.
Mwangi said Stanbic bank is providing financial services to companies in the upstream, mid-stream and downstream sectors in the oil and gas industry of South Sudan.
“We want to be part of that journey to support countries and organizations that want to invest in the country, to invest in the regional energy security. We believe that we are able to participate in the country’s energy agenda by attracting investment, fostering regional integration and identifying new projects,” she said last week in an interview during the closure of the two-day Oil and Power conference in Juba.
Mwangi said South Sudan has the potential to be an energy power house for the East African region that could lead to enhanced regional energy security.
“South Sudan has the potential to be an energy power house for the East African region that could lead to enhanced regional energy security. South Sudan oil and gas sector can fuel the region and contribute to help meet the country’s rising need for energy as well as promote economic growth,” Mwangi said.
She disclosed South Sudan has a highly developed oil and gas sector particularly in the mid-stream and up- stream.
“Oil and gas will continue to play an increasingly major role in the region’s energy future especially as the demand for both traditional and renewable energy increases,” Mwangi said.
She said Stanbic Bank has partnered with the African Development Bank (AfDB), United Nations Development Programme (UNDP) and UN Women to establish youth and women revolving fund that involves disbursing loans to women and youth at zero interest costs.
