Stanbic Bank of Botswana has been named as the preferred financial partner for the finding of the initial expansion project which is over P 123 million .
The P 123 million project, which is aimed at making the country energy self-sufficient by 2010, is aimed at expanding the capacity of the Botswana Power Corporation so that it could supply 80 percent of the country’s electricity demands.
The move will fire the power-hungry booming mining sector, which is known for its high consumption of energy but at the same time driving economic growth forward.
Stanbic Bank of Botswana has also been chosen as the arranger of the next government worth around P 5 billion but is sandwiched into some controversy apparently between BoB and central government, over issues of mopping out inflation.
According to the plan, the bond, which is over-subscribed, could have been listed on Friday late morning.
Commenting on the Morupole Colliery project preferred financial partners, Stanbic Bank Botswana’s Executive Director of Corporate and Investment Banking, Tasha Ferreira, said, “We have been working tirelessly as Stanbic Bank of Botswana corporate investment banking as the intellectual capital of banking in Botswana. Securing this deal is proof of our efforts in this regard.”
Stanbic Bank Botswana’s Managing Director, Dennis Kennedy, could also not hold back his excitement.
“This is an overwhelming vote of confidence for our people, products and services and it is a clear demonstration of our commitment to support Botswana’s future growth.”
The expansion of the Morupule Power Station is a major step forward to meeting the increasing demand for power supply in Botswana, at a time when Eskom in South Africa is facing challenges in ensuring continuity of power supply to Botswana.