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Market NewsCommentStandard Chartered Botswana begins rough financing

Standard Chartered Botswana begins rough financing

Standard Chartered Bank Botswana has become the first local bank to extend credit to a DTC sightholder company for the purchase of rough diamonds from DTC Botswana. The move highlights growing diamond activity in Botswana since De Beers has moved its London-based headquarters to the capital Gaborone and gives a boost to the Government’s diversification strategy. Standard Chartered also said it is funding the construction of the sightholder’s cutting facility H&A Cutting Works. H&A Cutting Works is owned by the Exelco Group, one of the 16 licence holders. “This has made Standard Chartered Bank Botswana the market leader in the country, and on the continent, as we became the first financial institution to extend a working capital facility for the purchase of rough diamonds,” the Bank said in a statement.



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