22 August 2022
The Shoprite Group has finalised sustainability-linked loans totalling R3.5 billion for investments to expand its key environmental programmes as part of its wider sustainability strategy.
These include a R2 billion loan from Standard Bank (the bank’s biggest in the retail sector to date), and a R800 million sustainability-linked loan and a R700 million green loan (a first in the retail sector) from RMB for investment in environmental projects.
A further sustainability-linked loan is in the pipeline.
The loans will be used to expand the Group’s investment in:
These investments will enable the Group to expand on the substantial investments it has already made. In the previous financial year, it:
“The loans enable us to continue on the road to reduce our environmental footprint by using more renewable energy and sustainable packaging, and recycling more waste. These environmental programmes are key in our fight against climate change, and we are able to increase the pace and intensity of our actions with these loans.”
- Sanjeev Raghubir, Group Sustainability Manager
According to Raghubir, the Group’s record to date has provided funders with demonstrable evidence of the nature and scale of its sustainability projects and ambitions and enabled the retailer to access a preferential cost of funding.
“The loans allow us to continue to make a sustainable, positive environmental impact and improve our operational efficiencies, which in turn result in additional ongoing savings that we can pass on to our customers.”