Kasapreko Company Limited, the Ghanaian beverage manufacturer which is undertaking mass production of hand sanitizers and alcohol hand rubs, has become the first client to make a drawdown under the Standard Chartered Bank’s US$1 billion financing commitment to help companies tackling COVID-19.
A statement copied to the Ghana News Agency said Kasapreko’s drawdown for US$7.4m on a loan facility will go into the purchase of the necessary inputs for the production of alcohol-based hand sanitizers 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 sanitizers to curb the spread of COVID-19 as a response to an appeal by the government to local industries to produce affordable hand sanitizers.
Standard Chartered launched the program 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 several disbursals nearing fruition.
Simon Cooper, CEO of Corporate & Institutional Banking at Standard Chartered, said, “Our fulfillment 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.”
Mrs. Mansa Nettey, Chief Executive, Standard Chartered Ghana Limited, 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, we must leverage our network to support our clients by providing long term sustainable financing to meet their urgent needs. We remain committed to working with our clients, especially those who have and continue to refocus their business operations, to complement Ghana’s efforts at tackling the pandemic”.
Mr. Richard Adjei, Chief Executive Officer, Kasapreko Company Limited, said, “Hand sanitizers are critical in curbing the spread of the coronavirus and the financing provided by Standard Chartered will enable us to respond strongly through optimising our production capacity to over 200,000 bottles a day. There is an urgent need to avail affordable hand sanitizers to the Ghanaian public and we thank Standard Chartered for giving us a shot in the arm.”
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 to meet the high demand amid periodic shortage and price hikes of sanitizers”.
Kasapreko Company Limited is among the top manufacturers in Ghana whose skills and expertise are now being harnessed to support the fight against COVID-19 in Ghana.
