ETG raises money for imports and exports
Export Trading Group (ETG) is raising Sh8bn to finance the import of fertiliser to Africa, and export of grains. The Kenya-based agricultural commodities trader will receive $40 million (Sh4 billion) in funding from the International Finance Corporation (IFC)
ETG buys and sells commodities such as maize, pulses and fertiliser. It operates across 40 countries. It is globally recognised as one of the fastest growing integrated agricultural supply chain groups.
SEE MORE:
- Insurtech startup to provide affordable insurance for farmers
- Nigerian President signs US$29bn budget into law
- AIIB approves membership of three African nations
- Read the latest issue of Business Chief, Africa edition, here
The IFC said in its investment disclosures: “The proposed project involves the second renewal of the existing funded risk-sharing facility with Standard Chartered Bank for a trade finance facility of $80 million to support ETG agri-commodity trader’s export of cash and food grains, storage, and import of fertiliser in sub-Saharan Africa.”
“IFC’s investment amount will be up to $40 million,” the global financier added.
- Last chance to join Procurement & Supply Chain LIVE eventLeadership & Strategy
- Trigo Group continues to expand operations across EuropeLeadership & Strategy
- Agility revenues and profits soar as M&A efforts pay offLeadership & Strategy
- From simulation to reality: Five key considerations for CIOsLeadership & Strategy
Featured Articles
SAP has announced it has appointed a new President for a newly-created EMEA region, aiming to make the most of the opportunities of cloud and AI technology
Technology giant SAP has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software
To help businesses achieve increased productivity, Siemens and Microsoft are deepening their partnership by showcasing the benefits of generative AI