Standard Bank Continues Supporting Power Sector: Hosts Symposium

Standard Bank on Friday April 29, hosted the 2016 Power Symposium at BICC in Lilongwe at which the bank discussed its financial capabilities in supporting the power sector in Malawi and its role in helping to unleash Malawi's economic potential.

Under the theme; “Accelerating Growth in Energy to Power a Sustainable Future,” the symposium brought together a cross-section of stakeholders in the power sector and will see Standard Bank discussing its experiences in project financing and deal structuring of the continent’s power sector.

Briefing the media at the end of the symposium Standard Bank Head of Investment Banking Shakil Satar said the Bank has

“We are glad to be hosting this year’s symposium in line with our agenda to contribute to growth of mother Malawi through support of the electricity sector. At Standard Bank, we have been financially backing Africa's power sector through arranging and backing deals that are quickly transforming the sector, and moving economies forward,” said Satar.

Satar said the sector remain a key focus for the bank to and the Bank is committed to support the development of power sector in Malawi, “The need for a reliable electricity grid and supply is paramount for the growth of our country; the power sector provides one of the most important inputs for the development of a country and availability of reliable and inexpensive power is critical for its sustainable economic development,” he said.

He said for Malawi to achieve sustainable economic growth, the power sector needs to grow at the same rate as the country’s economy. 

“Forums such as the Power Symposium should give stakeholders an opportunity to start looking into alternative to regular electricity power away from fossilised power such as solar.“Our approaches in power need also to respond to the challenge that emanate from the environment. Being environmentally-conscious and Climate Smart will determine the rate of success and sustainability of all our interventions going forward,” he said

Key power stakeholders who attended the symposium include the Malawi Government through the Ministry of Natural Resources, Energy & Environment, the Millennium Challenge Account (MCA) and Electricity Supply Corporation of Malawi (Escom) and various Investors.

Among key topics of discussed were the Draft National Energy Policy (2016), The Untilities’ long term Strategy and unbundling, as well as an update on progress of the MCC’s Compact, Power Market Reforms. Standard Bank officials from the Power and Infrastructure team will share their experiences on the region’s power sector and solutions in Project Finance.