Agricultural trader ETG receives Sh12.8 billion boost from UBA BankJuly 17, 2019
NAIROBI, Kenya, Jul 17 – Kenyan based agricultural commodities trader Export Trader Group (ETG) is set to receive a loan facility of Sh12.8 billion from UBA Bank and other local, regional and global banks to finance its exports of farm inputs.
In a statement, ETG’s Chief Treasury Officer Anish Jain says the revolving 12-month facility will serve as working capital aimed at increasing its ability to source and deliver quality farm inputs across the continent.
“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,” Jain said.
ETG buys and sells a wide range of commodities, including maize, pulses and fertilizer. It has operations in 40 countries where it buys, stores, processes and/or manufactures finished goods.
UBA East and Southern Africa CEO Emeke Iweriebor says the move is part of its contribution towards the realization of the government’s Big Four Agenda which includes the pillar of agriculture, which focuses on increasing food security and nutrition.
“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, “Iweriebor said.
Iweriebor added that the facility will enable the bank to reach many farmers indirectly.