Stanbic Bank facilitates Sh200bn in Sino–Tanzania trade deals over 5yrs

Media/news company

Mwananchi Communications Limited

Dar es Salaam. Stanbic Bank Tanzania has facilitated trade transactions worth Sh200 billion between Tanzanian and Chinese businesses over the past five years, reflecting the growing trade and investment ties between the two countries.

The transactions have been handled since 2020 under cooperation between Stanbic Bank Tanzania and its parent company, Standard Bank Group, aimed at strengthening financial links between Africa and China.

Speaking in Dar es Salaam recently, Stanbic Bank Tanzania’s Head of Business and Commercial Banking, Mr Fredrick Max, said the bank introduced a dedicated Tanzania–China trade window after Standard Bank Group established an Africa–China trade desk to support cross-border business.

“This initiative enabled local companies to continue trading with Chinese partners at a time when global supply chains were under pressure,” he said.

He said the arrangement has helped Tanzanian importers, exporters and investors access financial services needed to complete transactions with Chinese counterparts more efficiently.

Mr Max said that the bank is also supporting local participation in major investment projects through its Biashara Incubator Programme, which links entrepreneurs to financing and supply opportunities.

According to him, the programme has assisted more than 2,000 entrepreneurs to secure contracts worth Sh32 billion in strategic projects across the country, including the East African Crude Oil Pipeline (EACOP).

“These opportunities have helped local businesses gain market access, strengthen their financial capacity and participate in regional and international trade,” he said.

Mr Max said Stanbic Bank will continue to support Tanzanian businesses seeking opportunities in global markets, including those created through growing cooperation with China and trade frameworks such as the African Continental Free Trade Area (AfCFTA).

He was speaking during the launch of a sourcing and export centre organised by the Tanzania Investment and Special Economic Zones Authority (Tiseza), officiated by the Minister of State in the President’s Office (Planning and Investment), Professor Kitila Mkumbo.

Prof Mkumbo said the government is strengthening the private sector to help local businesses compete in international markets, while Tiseza Director General Gilead Teri said cooperation with financial institutions is essential to help investors access credit and expand production for export markets.