UBA Kenya and other banks join hands in a shs 12.5 billion loan facility for farmers
United Bank for Africa UBA Kenya has, together with a syndication of local, regional, and global banks, joined a Financing Agreement of up to USD 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, Mr Anish Jain, Chief Treasury officer (CTO) of ETC GROUP said, “We value the partnership with UBA Kenya. 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, Mr. Emeke E. Iweriebor, exuded “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”
Mr. Iweriebor concluded saying. “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.”
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