Saudi Arabia plans to set up commercial bank in Zambia

Saudi Arabia plans to establish a commercial bank in Zambia as a result of the country's prevailing favorable economic environment, Saudi Arabia 's charge d'affairs Ghorm Malhan said.

Speaking in Lusaka, Mahlan said the Saudi Chambers of Commerce would soon be sending a delegation to explore business opportunities in Zambia.

The success of Zambia's privatization policy prompted Saudi Arabia to unveil investment programs in agriculture, banking, housing and manufacturing sectors of the economy. Mahlan said " We have recognized the attractive business climate prevailing in Zambia, hence the mitigating need to invest heavily in Zambia's various economic activities".

Mahlan acknowledged Zambia's high quality products such as cement, coffee and sugar were capable of penetrating international markets such as those in Saudi Arabia.

The decision by Saudi Arabia to set up a commercial bank in Zambia comes after China opened its first ever commercial bank in Africa in Lusaka last July.