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.
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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.