Standard Chartered Bank to fund green Chinese firms in Africa

NAIROBI, May 10 (Xinhua) -- Standard Chartered Bank is keen to provide significant financing to Chinese firms that uphold green ethos to expand their footprint in Africa, an executive said on Friday.

There is a growing demand on the continent for sustainable consumption and production technologies to achieve a climate-resilient future for local communities, said Richard Li, the head of wealth and retail banking at Standard Chartered Bank China, in Nairobi, the capital of Kenya.

"I can see opportunities and capabilities we can bring in as Standard Chartered Bank to support our clients to respond to this trend between China and Kenya that will accelerate the green transition in Africa," Li said.

He added that the multinational lender will also assist Chinese companies in leveraging their involvement in the Africa-China trade corridor to boost the continent's capacity to produce green products to meet the growing market demand.

"We will also respond to the new trend where goods that were previously made in China are now made in Kenya," Li said.

Economic experts have noted that Kenya needs to accelerate its green transformation efforts to respond to the effects of climate change, such as the recent raging floods that have killed more than 260 people in the country.

Li said that Standard Chartered Bank already provides sustainable finance in the supply chain in the green space along the Africa-China trade corridor.

Kenya is already a leader in green energy, with more than 80 percent of electricity production from renewable energy sources such as hydropower, geothermal, wind and solar, he said.

Li added that Standard Chartered Bank has developed many financial products that will ensure Africa can benefit from China's new energy industry, which has grown rapidly.