{"id":260989,"date":"2018-07-25T15:35:13","date_gmt":"2018-07-25T13:35:13","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=260989"},"modified":"2018-07-25T15:35:13","modified_gmt":"2018-07-25T13:35:13","slug":"standard-bank-sets-aside-r10-billion-to-fund-energy-projects","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/260989\/standard-bank-sets-aside-r10-billion-to-fund-energy-projects\/","title":{"rendered":"Standard Bank sets aside R10 billion to fund energy projects"},"content":{"rendered":"
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Standard Bank Group Ltd has allocated R10 billion ($751 million) to fund energy projects in South Africa as the continent\u2019s largest lender by assets grows more confident in its home market and invests in riskier ventures.<\/p>\n

\u201cWe are exceedingly optimistic about the future of this country, more so now than in December,\u201d Lungisa Fuzile, the Johannesburg-based lender\u2019s South African head, said at a panel discussion in the city late Tuesday.<\/p>\n

That was the month Cyril Ramaphosa was elected head of the ruling African National Congress, enabling him to replace Jacob Zuma as president in February. He\u2019s since begun a campaign to lure $100 billion in investment over the next five years as he seeks to boost a flagging economy.<\/p>\n

Ramaphosa\u2019s government has moved to revive a renewable energy industry that had become caught up in lengthy project delays under Zuma\u2019s administration.<\/p>\n

Energy Minister Jeff Radebe signed agreements with 27 independent power producers in April, and said last month that bidders would be invited later this year for projects that could amount to investment of as much as R50 billion.<\/p>\n

After a meeting between Ramaphosa and Chinese President Xi Jinping in Pretoria earlier on Tuesday, a framework agreement of $3 billion on financing and insurance cooperation between China Export and Credit Insurance Corp and Standard Bank was announced.<\/p>\n

China is South Africa\u2019s biggest trading partner.<\/p>\n

In the face of growing protectionism globally, South Africa needs to focus on being more competitive rather than fixating on external factors, Fuzile said.<\/p>\n

Standard Bank shares traded 1.5% higher at R201.03 as of 10:11 a.m. in Johannesburg, compared with a 0.9% fall on the FTSE\/JSE Africa Banks Index.<\/p>\n

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Read: Standard Bank CEO scores R48 million payday<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Standard Bank Group Ltd has allocated R10 billion ($751 million) to fund energy projects in South Africa as the continent\u2019s largest lender by assets grows more confident in its home market and invests in riskier ventures.<\/p>\n","protected":false},"author":59,"featured_media":198064,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,499],"class_list":["post-260989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/260989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=260989"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/260989\/revisions"}],"predecessor-version":[{"id":260991,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/260989\/revisions\/260991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/198064"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=260989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=260989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=260989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}