Kenya’s Safaricom Secures $103M Loan for Sustainable Projects

September 5, 2023 African CEO Magazine ESG & Sustainability Comments Off on Kenya’s Safaricom Secures $103M Loan for Sustainable Projects
A picture taken on February 17, 2015 shows the headquarters of Kenya's Safaricom, one of the leading phone, internet and money transfer company in the country. AFP PHOTO/SIMON MAINA (Photo credit should read SIMON MAINA/AFP/Getty Images)
  • Safaricom secures $102.95m loan to fund sustainable projects.
  • Proceeds to go towards renewable energy, energy efficiency, and water conservation.
  • Loan is a major step forward for Safaricom’s sustainability goals.
  • Company is committed to becoming carbon neutral by 2030.

Kenyan telecoms firm Safaricom has secured a $102.95 million loan from a consortium of domestic banks to fund environmentally sustainable projects. Namely – Standard Chartered Bank Kenya (SCBK.NR), Stanbic Bank, ABSA Bank Kenya (ABSA.NR) and KCB Bank (KCB.NR)

The loan, which has the option of being increased to $128.68 million, will be used to support projects in renewable energy, energy efficiency, and water conservation.

Safaricom CEO Peter Ndegwa said the loan is a “significant milestone” in the company’s commitment to sustainability.

“This loan will enable us to accelerate our investment in renewable energy and other climate-friendly projects,”

Ndegwa said.

The loan is also a vote of confidence in Safaricom’s sustainability credentials. The company has set ambitious targets to reduce its environmental impact, including becoming carbon neutral by 2030.

The loan is expected to help Safaricom achieve these targets by providing the financial resources it needs to invest in renewable energy and other sustainable projects.