Standard Bank secures sustainable funding for Africa's largest retailer
02 Dec 2022
The loan, worth R2 billion, is the largest sustainability-linked loan provided in South Africa’s retail sector to date and provides sustainable funding linked to the Shoprite Group’s key ESG focus areas:
- Renewable energy;
- Recycling cardboard and plastic and
- Sustainable packaging, including reusable, recyclable and compostable packaging, containing recycled material.
The Shoprite Group is Africa’s largest supermarket retailer and has adopted a proactive approach to addressing sustainability challenges within the retail sector, committing to achieving their ESG targets by 2025 and net zero by 2050.
Standard Bank’s commitment to powering positive impact and the client’s alignment with our own ESG-driven approach were guiding principles in our decision to provide sustainable funding for the Shoprite Group. We are proud to support Africa’s largest supermarket retailer as they undertake significant commitments towards a cleaner and greener future.