[Kenya] UBA, Export Trading Group in a $125 million deal to supply quality farm inputs
United Bank for Africa (UBA) has entered into a $ 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 deal is part of a syndication of local, regional, and global banks, joined a revolving 12-month facility for working capital purposes towards increasing the company’s ability to source and deliver quality farm inputs across Africa.
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 Mr 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.”