Standard Chartered Bank has announced that Kasapreko Company Limited has become the first client to make a drawdown under its US$1billion financing commitment to help companies tackling COVID-19.
The Ghanaian beverage manufacturer that benefitted from a US$7.4m loan facility will go into the purchase of the necessary inputs for the production of alcohol-based hand sanitisers for use in Ghana.
Kasapreko, a Ghanaian owned company that produces alcoholic beverages, carbonated soft drinks and bottled water, in March 2020, announced it would commence mass production of hand sanitisers to curb the spread of COVID-19 as a response to an appeal by the government to local industries to produce affordable hand sanitisers.
Standard Chartered launched the programme on March 30, 2020 to provide financing at preferential rates to companies making products and services that help the front line fight the virus and its impact.
The Bank has received a strong response from clients around the world and there are a number of disbursals nearing fruition.
Simon Cooper, CEO of Corporate & Institutional Banking at Standard Chartered said, “Our fulfilment comes in seeing the much-needed products that help individuals, businesses and communities keep COVID-19 at bay being made accessible and affordable.
We are extremely proud to start rolling out the financing on this programme with Kasapreko Company Limited. Africa is a very important part of our Group strategy and I’m particularly pleased that we’re able to use our network there to make an impact in Ghana’s fight against COVID-19.”
Mansa Nettey, the CEO of Standard Chartered Ghana Limited, said that “the deal signifies the collaborative approach the Bank is taking with its clients in Ghana to fight COVID-19.
“Having operated in Ghana for more than 120 years, it is important that we leverage our network to support our clients by providing long term sustainable financing to meet their urgent needs.
Richard Adjei, CEO, Kasapreko Company Limited, said, “Hand sanitisers are critical in curbing the spread of the coronavirus and the financing provided by Standard Chartered will enable us to respond strongly through optimising our production capacity to over 200,000 bottles a day.
Mr Adjei also lauded the rates provided by Standard Chartered saying, “The rates provided by Standard Chartered will help the company pass on lower costs to consumers and enable us meet the high demand amid periodic shortage and price hikes of sanitisers”.
Source: BusinessZone Online