Stanbic Bank Kenya sanctioned a loan worth R84 million to Shoprite, Africa’s largest retailer for the expansion of its branches to Kenya. Shoprite recently opened two more stores in Nairobi while a third store, located in Mombasa is expected to open by the end of August.
The information regarding the loan was disclosed in Shoprite’s latest investor update for the financial year that ended in June 2019.
Shoprite opened 126 additional shops in the region, giving rise to 3,175 new jobs. The expansion of the branches caused a debt of $79 billion to the retailer giant.
Details regarding the interest accompanying the loan and the repayment period have not been divulged.
Shoprite has its branches in Tanzania, Uganda and has a strong presence in Central, Southern and West Africa.
Stanbic Bank Zambia achieved new heights in its support to business with the financing of the Pinnacle shopping Mall which opened recently.
With the financing of the mall, the total value of Stanbic’s investment in Zambian real estate sector reaches more than K2 billion. With the opening of Pinnacle Mall the number of malls funded by Stanbic in Zambia comes up to eight.
Stanbic bank had previously rolled out Sh 20 billion women only loans, targeting women entrepreneurs. The decision is said to have been taken to include more women in formal and informal businesses.
A statistics revealed that most of the women owned small and medium enterprises failed before they hit the third year of operation. Therefore, the bank in partnership with International Finance Corporation also intends to train women in managing their funds.