Zambia has ended talks with a unit of Standard Bank after failing to agree conditions for a ,2-billion oil-financing deal, Energy Minister Kenneth Konga said on Monday. Konga said negotiations with Stanbic Bank Zambia, a subsidiary of Standard Bank, had ended and the government would soon start talks with another bank.
Zambia has ended negotiations with Standard Bank, Africa’s largest bank by assets, to finance a $1,2-billion (R9,7-billion) oil-import deal after the two parties failed to reach agreement. Talks between the Zambian government and Stanbic Bank Zambia, a unit of Standard Bank, were initially expected to be concluded by mid-January.