Over the next five years, Standard Bank Group will assist our strategic partner, Industrial and Commercial Bank of China (ICBC), to raise R10-billion to support the development of South Africa's power generation infrastructure.
South Africa is just one of the many Africa countries that are this week attending the Forum on China-Africa Cooperation (FOCAC), an official gathering held every three years between People’s Republic of China and Africa states.
China has consistently doubled its financing commitment to Africa during the past three FOCAC meetings – from US$5bn in 2006 to US$10bn in 2009 and US$20bn in 2012. It is expected that this year’s forum will result in a further increase.
The agreement between Standard Bank Group and ICBC was signed in the presence of President Xi Jinping of China and South Africa’s President Jacob Zuma at the FOCAC Heads of Summit in Johannesburg, South Africa. Standard Bank Group is an offical financial services sponsor of this year’s forum.
A list of the country members of FOCAC can be found here.