2023-09-04 15:50:01
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Kenyan Operator Secures £137.2 Million Loan for ESG Initiatives
Kenyan operator Safaricom has successfully secured a £137.2 million loan from a consortium of banks in the country. The loan, considered the largest of its kind in East Africa, will be used to support Safaricom's sustainability agenda. The consortium includes Standard Chartered, Standard Bank, ABSA, and KCB, with an initial disbursement of £109 million, which can increase to £137.2 million based on the company's progress in meeting environmental, social, and governance (ESG) milestones.
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Safaricom aims to become a fully-fledged technology company by 2025 and has made sustainable business practices an integral part of its ongoing transition. The funding will enable Safaricom to make diversified investments in systems and services that manage its ESG footprint. CEO Peter Ndegwa highlighted the importance of unlocking the company's ability to drive sustainable growth through strategic sustainable investments.
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Safaricom's loan agreement also sets the stage for sustainable financing in the African region. As companies across Africa strive to become more accountable for their ESG reporting and financing, this deal demonstrates Safaricom's commitment to leading the way. The Kenyan government has identified sustainable financing as a priority for its Vision 2030 plans.
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- Deepening focus on strategic sustainable investments to reach net zero targets
- Tracking gender diversity
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Discover the Samsung S23 Ultra EE Deals with Phones LTD: Don't Miss the Chance to Receive a Complimentary Galaxy Watch5!If you would like to know other articles similar to Safaricom's Bold Move: Empowering Sustainable Goals through Unexpected Means updated this year 2024 you can visit the category Breaking Tech News.
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