Standard Chartered has announced that Kasapreko Company Limited has become the first client to make a drawdown under the bank’s $1 billion financing commitment to help companies tackling COVID-19.
Kasapreko’s drawdown for US$7.4 million 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 commenced mass production of hand sanitisers to curb the spread of COVID-19 as a response to an appeal by the President, Nana Addo Dankwa Akufo-Addo to local industries to produce affordable hand sanitisers.
The bank has received a strong response from clients around the world and there are a number of disbursals nearing fruition.
The Chief Executive Officer (CEO) of Corporate & Institutional Banking at Standard Chartered, Simon Cooper 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.”
The CEO of Standard Chartered Limited, Ghana Mrs Mansa Nettey, 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. We remain committed to work with our clients, especially those who have and continue to refocus their business operations, to complement Ghana’s efforts at tackling the pandemic.”
The Chief Executive Officer of Kasapreko Company, Mr Richard Adjei, said, “Hand sanitisers are critical in curbing the spread of the corona virus and the financing provided by Standard Chartered will enable us respond strongly through optimising our production capacity to over 200,000 bottles a day. There is an urgent need to avail affordable hand sanitisers to the Ghanaian public and we thank Standard Chartered for giving us a shot in the arm.”
He commended Standard Chartered for the rates it was charging 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 is among the top manufacturers in Ghana whose skills and expertise is being harnessed to support the fight against COVID-19 in Ghana.
