Export Trading Group secures Sh13b UBA loan to boost agriculture

United Bank for Africa (UBA) Kenya has, together with a syndication of local, regional, and global banks, joined a financing agreement of up to Ksh 13 billion (US$ 125 million) with Export Trading Group (ETG). ETG is an African conglomerate having an integrated agricultural supply chain with business interests in 40 countries across the globe.

The facility is a revolving 12-month facility for working capital purposes towards
increasing the company’s ability to source and deliver quality farm inputs across
Africa.

Speaking during the announcement, Anish Jain, Chief Treasury officer (CTO)
of ETC GROUP said, “We value the partnership with UBA. This facility enhances
ETG’s contribution to sustainable employment, generation of foreign exchange
for the economy, ensures income security for local farmers, and assists ETG’s goal
to sustain global food security”.

“The size of the facility and participation by a large number of banks is testimony
to the market’s confidence in ETG’s commodity value chain operations” added
Jain.

Speaking during the announcement, CEO for UBA East and Southern Africa,
Emeke E. Iweriebor, said: “As a Pan-African Financial institution, this
collaboration is in line with our strategic intent of supporting Kenya’s economic
development; through financing various initiatives that further lend support to the
country’s infrastructure, education, healthcare, manufacturing, and food security
pillars.”

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“This facility will enable the Bank to reach many farmers indirectly through ETG further showcasing our commitment to supporting home-grown African businesses in their growth plans wherever they see opportunities,” he added.