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Dutch bank seals deal to finance Africa's economic growth

Xinhua, August 6, 2016 Adjust font size:

Dutch bank Rabobank has partnered with Norwegian Investment Fund for Developing Countries and Dutch Development Fund to create an investment and development vehicle aimed at boosting the bank's capacity to support Africa's growth, a statement seen on Friday said.

The Dutch bank, which owns 46 percent shares in a Zambian bank, Zanaco, has partnered with the two organizations in a joint venture called Arise which will become operational effective January next year.

Joy Sata, head of corporate affairs at the Zambian bank said in the statement that the initiative will manage minority stakes in African financial service providers with the aim of building strong and stable institutions that will support investments in various sectors of African economies.

Berry Marttin, the Dutch bank's executive board member said in the statement that the bank's activities in investing and building strong financial services providers in emerging economies, especially sub-Saharan Africa fits into its strategy which focuses on creating solutions with its clients.

Bruce Dick, managing director of the Zambian bank said the partnership will play a critical role in building a strong financial sector in sub-Saharan Africa. Endit