Africa’s largest food retail group Shoprite Holdings has secured R3.5 billion from the country’s largest banks to further invest in various environmental and renewable-energy linked projects. The JSE-listed group on Monday revealed that it will be receiving a R2 billion loan from Standard Bank – South Africa’s largest bank by assets – as well as a R800 million sustainability-linked loan and another R700 million green loan from Rand Merchant Bank.
Numbers show Checkers, PnP eating Woolies Food’s lunch “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,” says Shoprite group sustainability manager Sanjeev Raghubir. “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,” he adds.
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