This archive report was first published on 15 July 2019.
On July 15, 2019, United Bank for Africa (UBA) entered into a Ksh 1.3 billion (US$ 125 million) deal with Export Trading Group (ETG), a leading African conglomerate with business interests in 40 countries.
The partnership is part of a syndication of local, regional, and global banks that have joined a revolving 12-month facility for working capital purposes. This facility aims to increase ETG's ability to source and deliver quality farm inputs across Africa.
According to Anish Jain, Chief Treasury Officer of ETG, the partnership with UBA is valued highly. He stated, “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”.
Mr. Jain added, “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,”
Emeke E. Iweriebor, CEO for UBA East and Southern Africa, also commented on the partnership, saying, “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.”
He further emphasized, “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,”
