This archive report was first published on 8 May 2020.
On May 8, 2020, Carrefour, a prominent retail chain, secured a KSh3 billion loan from South Africa's Standard Bank Group to fuel its expansion plans in Kenya.
The loan is part of a larger partnership between Standard Bank Group and Majid Al Futtaim (MAF), Dubai's leading shopping mall, retail, and leisure group, aimed at supporting the expansion of their retail presence in Kenya.
Carrefour, which launched in Kenya in 2016, has been rapidly expanding its operations in the country, with seven branches currently in operation.
The retail chain operates over 250 hypermarkets, supermarkets, and online stores in 15 countries across the region, with plans to extend into 38 countries in the Middle East, Central Asia, Africa, and Russia.
Carrefour's sales in Kenya reached KSh18.7 billion in 2019, marking a 28% increase from KSh14.6 billion recorded in 2018.
