By KALONDE NYATI
THE Bank of China has pledged commitment to support the local economy through facilitation of Sino-Zambia trade and provision of finance to various economic sectors.
Bank of China general manager Wang Hongwei said since its inception in Zambia 14 years ago, the bank has contributed in the development of the local economy through provision of capital to various sectors of the economy and facilitated to ease trade between the two countries.
The Bank of China has in the past provided finance to various organisations including Zesco Limited, Food Reserve Agency (FRA) and Zambian Breweries.
Mr Wang said this at a Zambia Association of Chambers of Commerce and Industry breakfast meeting in Lusaka on September 8.
He said Zambia’s economy has witnessed rapid growth which the bank wants to be part of adding that the financial institution will support the country’s development.
“The Bank of China will utilize the group resources to become a leading Sino-Zambia financial services provider and make the bank the most valuable financial brand in Africa,” he said.
And Bank of China relationship manager Wang Hao reiterated the need for the Zambian community to use the Chinese currency, the yuan.
Ms Wang said the currency will enhance Sino-Zambia trade because it reduces the risk of exchange losses with other currencies.
“The renminbi has become the third international settlement currency because of its low risk ,”she said.
Meanwhile ZACCI president Geoffrey Sakulanda said China remains an important factor in the economic development of Zambia and sub-Saharan Africa.
Mr Sakulanda said this is because China has emerged as the fastest growing economy and is a major player in the production of goods and services.
He said with the levels of trade between Zambia and China increasing, there is need for sustainable and innovative solutions that will ensure smooth flow of goods.
“We are pleased to learn that the Bank of China has come up with various innovative solutions that will facilitate trade between China and Zambia,” he said.