DEALS Shared values of sustainability Absa | Corporate and Investment Banking > Insights and Events > Shared values of sustainability SHARE Business success is built on a foundation of high-quality partnerships with an understanding of each other’s strategic goals. Absa Corporate and Investment Banking and the Pick n Pay Group are proud to celebrate the 55th year in their long-standing partnership which delivers societal impact for all stakeholders. Since its inception in 1967, Pick n Pay has grown exponentially, with more than two thousand stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini, and Lesotho, and an annual turnover of over R100bn. The partnership has expanded to incorporate initiatives such as the Absa Rewards Programme, as well as the management of an Enterprise and Supplier Development (ESD) programme. Pick n Pay aims to be a Net Zero business by 2050, reducing store food waste by 50% by 2030. This ambitious sustainability target will be enabled by, among others making all PnP-branded packaging recyclable or reusable by 2025, reducing energy usage by 45% by 2030 and water usage by 20% by 2025 Absa is proud is commit R1 billion in this landmark sustainability-linked funding package to assist the retailer in implementing Project Ekuseni. This will in addition to contributing to the rejuvenation of the supermarket format and growth, also support the conversion of Pick n Pay’s refrigeration to natural refrigerants, reducing emissions and also lessening food waste. These are all efforts to make the world a better place and align with Absa’s values and ESG ambitions, as well as further solidifying our long-standing relationship with Pick n Pay. Contact us https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles DEALS Investing in Africa’s Digital Transformation Journey We are pleased to have acted as sole Mandated Lead Arranger, Bookrunner, Facility Agent and Coordinator for ZAR 8bn of expansion capital facilities for Teraco. Read more DEALS Powering Africa’s digital future through connectivity We are pleased to have served as sole transaction coordinator in the successful financing of Vodacom's R11 billion preference share facility used to refinance the acquisition of a controlling stake in Vodafone Egypt. This strategic transaction signals a significant milestone, not only for Vodacom but also for the broader telecommunications and financial services landscape in Africa. The transaction represents the largest syndicated preference share facility closed to date in the South African market. Read more DEALS Unlocking Africa’s Trade Potential We are proud to announce our partnership with British International Investment, a collaborative effort aimed at addressing Africa's significant trade finance gap. Read more
