Standard Bank to help cross-border infrastructure project
4 August 2011
Standard Bank has confirmed it will give financial support to a cross-border infrastructure project between South Africa and Zimbabwe.
It will pay for the South African Infrastructure Investment Company's debt in order to improve the Beitbridge Border Post by allowing for the completion of construction work at the location.
The border post is expected to cost Standard Bank $97 million (£59.56 million) and will streamline transportation between the two nations, allowing people and trade to move more easily, according to AllAfrica.com.
It will take 18 months for construction to be completed and Ziyaad Sarang, investment banking head of infrastructure at the financial services provider, told the news provider that this project will ensure less money is spent in the long run by providing an efficient supply chain.
Between 30 and 40 per cent of the cost of transporting goods across borders is spent on transportation and logistics, he said.
This comes after Botswana and Mozambique came to an agreement last week on a rail infrastructure project between the nations in order to improve trade links for Botswana by giving it better access to the Indian Ocean.