Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Standard Chartered    STAN   GB0004082847

STANDARD CHARTERED

(STAN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Standard Chartered : Bank arranges a US$ 1.46 billion financing to fund the Standard Gauge Railway (SGR) Project

share with twitter share with LinkedIn share with facebook
share via e-mail
02/14/2020 | 03:27am EDT

DAR ES SALAAM, Tanzania -- The Government of Tanzania Ministry of Finance has signed a facility agreement with Standard Chartered (SC.com) Tanzania for a US$ 1.46 billion term loan financing to fund the construction of the Standard Gauge Railway (SGR) project from Dar es Salaam to Makutupora.

Running approximately 550 kilometres long, the SGR project is one of the country's biggest projects connecting Dodoma to Dar es Salaam via Morogoro and Makutupora. Once complete, the SGR Rail project will provide a safe and reliable means for efficiently transporting people and cargo to and from the existing Dar es Salaam Port.

According to the Tanzania Railways Corporation, it is expected that the railway will address current congestion challenges and decrease freight service charges by 40%, as the railway will be able to haul up to 10,000 tons of freight, equivalent to 500 lorries, per trip. It will also connect Tanzania to Burundi, Rwanda and The Democratic Republic of Congo, DRC, thereby playing a key role in enhancing regional trade.

The project has already created more than 8,000 new direct employment opportunities for Tanzanians and has opened up opportunities for the local communities surrounding the project area to access social services such as shelter and food.

Standard Chartered Tanzania acted as Global Co-ordinator, Bookrunner and Mandated Lead Arranger on the facility agreement that is the largest foreign currency financing raised by the Ministry of Finance to date. The biggest component of financing comes from the Export Credit Agency Covered Facility('s) from the Export Credit Agencies of Denmark and Sweden.

Speaking at the event to sign off the deal, the Minister of Finance and Planning, Hon. Dr. Philip Mpango, commended and thanked Standard Chartered Tanzania.

"I am very delighted to sign off on this deal on behalf of the Government of Tanzania and its people. With the help of Standard Chartered and our partners, the project financing will further increase direct employment in Tanzania, and more importantly, enable our local communities the thrive as they will be able to gain access to wider social services such as food and housing."

Mr. Mpango also commended and thanked the Governments of Sweden and Denmark, which were represented by their Ambassadors in Tanzania, for their confidence in the country's economic growth. "These two nations, Sweden and Denmark, have shown us their true friendship not only in words but also in action. Please convey our country's sincere appreciation to the Export Credit Agencies and lenders in your countries that have supported this signature project. As a country we shall honour our commitments as we have always done." Hon. Dr. Mpango said.

In addition to thanking the Export Credit Agencies and lenders, Hon. Mpango also thanked the Development Bank of Southern Africa (DBSA), the Trade and Development Bank (TDB) and the African Export-Import Bank (Afrexim), for supporting the project in partnership with Export Credit Agencies from Denmark and Sweden.

He added that the funding would enable the project to be completed in good time as per the set plans.

Mr. Sanjay Rughani, Chief Executive Officer, Standard Chartered Tanzania, said the deal signified investor confidence in the market and demonstrated Standard Chartered's international network capabilities and commitment to Tanzania.

"As a leading international Bank for Africa, with over 100 years of being in Tanzania, the African continent remains a key corridor not only for Standard Chartered but also our global clients. We are delighted to have reached this milestone in Tanzania to fund the SGR project that will deliver massive benefits to Tanzania and support the government's 2025 vision of making Tanzania an industrialised country." Mr. Rughani said.

Mr. Rughani added that the Bank will continue to leverage its unique network reach, and the credibility it has built over time, to further position Tanzania as the go-to destination for investments.

Sunil Kaushal, Regional CEO, Standard Chartered Africa and the Middle East said the deal signified the benefit of our unrivalled network capabilities into the region. "There is considerable appetite from the global investment community into Africa, with 80 percent of our top Corporate & Institutional clients using our Africa and Middle East network. For Standard Chartered, Africa remains a priority for our business and clients, and we are proud to be able to use our expertise to support the Government of Tanzania with the finance needed for the SGR project."

The sign off ceremony was also attended by the Ambassador of Denmark to Tanzania, H.E Mette Norgaard Dissing-Spandet and the Ambassador of Sweden to Tanzania, H.E Anders Sjoberg.

In attendance was also H.E Robert Mengoni, the Ambassador of Italy to Tanzania and Mr. Calumm Mcallum, Country Director, International Trade -- for the British High Commission. The Country Manager for the Africa Development Bank Dr. Alex Mubiru and Resident Representative for the IMF in Tanzania, Mr. Jens Reinke also attended the event.

Other key Government Officials included the Permanent Secretary from the Ministry of Finance and Planning, Mr. Doto James, Deputy Governor of the Bank of Tanzania responsible for Economic and Financial Policies, Dr. Yamungu Kayandabila, and the Director General of the Tanzania Railway Corporation, Mr. Masanja Kadogosa.

Distributed by APO Group on behalf of Standard Chartered.

Media Contact:

Ben Mwaipaja

Chief Government Communication Officer, Ministry of Finance

+255 754 815 625

bmwaipaja@gmail.com

Monica Barten

Corporate Affairs and Brand Marketing

Standard Chartered, Africa & Middle East

+971 52 426 5112

Monica.Barten@sc.com

Juanita Mramba

Corporate Affairs and Brand Marketing

Standard Chartered, Tanzania

+255 767 393 992

juanita.mramba@sc.com

About Standard Chartered:

We are a leading international banking group, with a presence in more than 60 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC(SC.com) is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

For more stories and expert opinions please visitInsights(bit.ly/37p1eME)atSC.com. Follow Standard Chartered onTwitter(bit.ly/2RjX5Eb),LinkedIn(bit.ly/2TQAX6g) andFacebook(bit.ly/2vgvA60).

.

(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on STANDARD CHARTERED
04/0314th Annual General Meeting of Standard Chartered Bank Pakistan Limited
AQ
04/03Crisis haunts British banks in coronavirus relief effort
RE
04/02UK investors tell companies to rethink bonuses if scrapping dividends
RE
04/01STANDARD CHARTERED : StanChart commits $1b to finance firms tackling COVID-19
AQ
04/01STANDARD CHARTERED : commits $ 1 b globally to finance companies helping to tack..
AQ
04/01STANDARD CHARTERED : commits US$1 bln globally to finance companies helping to t..
AQ
04/01LONDON STOCK EXCHANGE : FTSE 100 slides on weak factory data, bank dividend halt
RE
04/01GLOBAL MARKETS LIVE: Xerox gives up on HP, Marriott hacked again…
04/01Virus seen halving profits, dividends in Europe - analysts
RE
04/01Europe's 2020 dividends expected to fall by about 40% - Barclays
RE
More news
Financials (USD)
Sales 2020 15 444 M
EBIT 2020 4 733 M
Net income 2020 2 368 M
Debt 2020 -
Yield 2020 5,20%
P/E ratio 2020 6,54x
P/E ratio 2021 6,13x
Capi. / Sales2020 1,01x
Capi. / Sales2021 0,97x
Capitalization 15 556 M
Chart STANDARD CHARTERED
Duration : Period :
Standard Chartered Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends STANDARD CHARTERED
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 7,18  $
Last Close Price 4,94  $
Spread / Highest target 114%
Spread / Average Target 45,4%
Spread / Lowest Target -15,3%
EPS Revisions
Managers
NameTitle
William Thomas Winters Group Chief Executive Officer & Executive Director
José Viñals Group Chairman
David Whiteing Group Chief Operating Officer
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
Michael Gorriz Group Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
STANDARD CHARTERED-42.95%17 489
JPMORGAN CHASE & CO.-39.71%276 750
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED0.57%255 518
CHINA CONSTRUCTION BANK CORPORATION0.32%205 230
BANK OF AMERICA CORPORATION-43.13%185 227
BANK OF CHINA LIMITED1.02%135 607