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Standard Bank secures sustainable funding for Africa's largest retailer

02 Dec 2022

Country
South Africa
Year
2022
Sector
Consumer
Business Unit
Corporate and Investment Banking
Specific Role
Sole lender, arranger and sustainability structuring agent
Standard Bank has acted as sole lender, arranger and sustainability structuring agent for the Shoprite Group’s first sustainability-linked loan. 

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.