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05.06.2020 Business & Finance

Kasapreko Goes For StanChart's US$1bn Financing Programme To Boost COVID-19 Fight

Kasapreko Goes For StanChart's US$1bn Financing Programme To Boost COVID-19 Fight
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Standard Chartered has announced that Kasapreko Company Limited, the Ghanaian beverage manufacturer that is undertaking mass production of hand sanitisers and alcohol hand rubs, has become the first client to make a drawdown under the Bank’s US$1 billion financing commitment to help companies tackling COVID-19.

Kasapreko’s drawdown for US$7.4m on a loan facility will go into 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.”

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.”

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”.

Kasapreko Company Limited are among the top manufacturers in Ghana whose skills and expertise are now being harnessed to support the fight against COVID-19 in Ghana.

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